Document/Exhibit Description Pages Size
1: 10-Q Paxson Communications Corporation Form 10-Q 23 151K
2: EX-4.2 Fourth Amend. to Amended & Restated Credit Agrmt. 9 29K
3: EX-4.3 Credit Agreement 343 1.08M
4: EX-10.181 Asset Purchase Agreement 42 168K
5: EX-10.182 Stock Purchase Agreement 127 410K
6: EX-10.183 Stock Purchase Agreement 139 439K
7: EX-10.184 Asset Purchase Agreement 42 173K
8: EX-10.185 Asset Purchase Agreement 103 442K
9: EX-27 Financial Data Schedule 1 7K
EXHIBIT 10.185
ASSET PURCHASE AGREEMENT
BETWEEN
UNIVERSAL OUTDOOR, INC.
("BUYER")
AND
PAXSON COMMUNICATIONS CORPORATION
("SELLER")
OCTOBER 24, 1997
TABLE OF CONTENTS
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1. DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1-
2. BASIC TRANSACTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4-
(a) PURCHASE AND SALE OF ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4-
(b) ASSUMPTION OF LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4-
(c) PURCHASE PRICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4-
(d) PRORATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5-
(e) THE CLOSING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -6-
(f) DELIVERIES AT THE CLOSING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -6-
3. REPRESENTATIONS AND WARRANTIES OF THE SELLER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -7-
(a) ORGANIZATION OF THE SELLER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -7-
(b) AUTHORIZATION OF TRANSACTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -7-
(c) NONCONTRAVENTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -7-
(d) BROKERS' FEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -8-
(e) TITLE TO ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -8-
(f) FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -8-
(g) EVENTS SUBSEQUENT TO DECEMBER 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -8-
(h) UNDISCLOSED LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -9-
(i) LEGAL COMPLIANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -9-
(j) LITIGATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -9-
(k) TAX MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -9-
(l) EMPLOYMENT MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -10-
(m) EMPLOYEE BENEFIT PLANS AND POLICIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -10-
(n) LEASES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -10-
(o) DISPLAYS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -11-
(p) CONTRACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -11-
(q) PERMITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -11-
(r) STATUS OF ACCOUNTS RECEIVABLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -12-
(s) UNBUILT LOCATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -12-
(t) NO CONTINUING INTEREST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -12-
(u) TANGIBLE ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -12-
(v) ENVIRONMENT, HEALTH, AND SAFETY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -12-
(w) BARTERING/TRADE OUTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -13-
(x) STRUCTURES ON I-75 AND HIGHWAY 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -13-
(y) PERMANENT EASEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -13-
(z) DISCLOSURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -13-
4. REPRESENTATIONS AND WARRANTIES OF THE BUYER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -13-
(a) ORGANIZATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -14-
(b) AUTHORIZATION AND ENFORCEABILITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -14-
(c) NONCONTRAVENTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -14-
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(d) BROKERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -14-
(e) COMPLIANCE WITH LAWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -14-
(f) DISCLOSURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -14-
5. PRE-CLOSING COVENANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -14-
(a) GENERAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15-
(b) NOTICES AND CONSENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15-
(c) NOTICES UNDER CONTRACTS AND LEASES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15-
(d) OPERATION OF BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15-
(e) PRESERVATION OF BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15-
(f) FULL ACCESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15-
(g) NOTICE OF DEVELOPMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15-
(h) EXCLUSIVITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15-
6. POST-CLOSING COVENANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -16-
(a) GENERAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -16-
(b) TRANSITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -16-
(c) NON-INTERFERENCE AND CONFIDENTIALITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -16-
(d) CERTAIN TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -16-
(e) SETTLEMENT OF LITIGATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -16-
7. CONDITIONS TO OBLIGATION TO CLOSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -17-
(a) CONDITIONS TO OBLIGATION OF THE BUYER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -17-
(b) CONDITIONS TO OBLIGATION OF THE SELLER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -19-
8. INDEMNIFICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -20-
(a) BY SELLER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -20-
(b) BY BUYER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -20-
(c) CLAIMS PROCEDURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -20-
(d) OTHER REMEDIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
9. [INTENTIONALLY OMITTED.] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
10. MISCELLANEOUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
(a) SURVIVAL OF REPRESENTATIONS AND WARRANTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
(b) PRESS RELEASES AND PUBLIC ANNOUNCEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
(c) NO THIRD PARTY BENEFICIARIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
(d) ENTIRE AGREEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
(e) SUCCESSION AND ASSIGNMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
(f) COUNTERPARTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
(g) HEADINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -22-
(h) NOTICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -22-
(i) AMENDMENTS AND WAIVERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -22-
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(j) SEVERABILITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -23-
(k) EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -23-
(l) CONSTRUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -23-
(m) INCORPORATION OF EXHIBITS AND SCHEDULES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -23-
(n) SPECIFIC PERFORMANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -23-
(o) BULK TRANSFER LAWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -23-
EXHIBITS
EXHIBIT A-1 Form of Bill of Sale
EXHIBIT A-2 Form of Assignment and Assumption of Leases
EXHIBIT A-3 Form of Assignment and Assumption of Advertising Contracts
EXHIBIT A-4 Form of Assignment and Assumption of Permits
EXHIBIT B Form of Non-Interference and Non-Disclosure Agreement
EXHIBIT C Form of Settlement Agreement
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ASSET PURCHASE AGREEMENT
THIS AGREEMENT is made and entered into on October 24, 1997, by and
between Universal Outdoor, Inc., an Illinois corporation (the "BUYER"), and
Paxson Communications Corporation, a Delaware corporation d/b/a Paxson Outdoor,
Inc. (the "SELLER"). The Buyer and the Seller are referred to collectively
herein as the "Parties."
This Agreement contemplates a transaction in which the Buyer will
purchase certain assets of the Seller in return for cash.
NOW, THEREFORE, in consideration of the mutual promises herein made,
and in further consideration of the representations, warranties, and covenants
herein contained, the Parties agree as follows:
1. DEFINITIONS.
As used in this Agreement, the following capitalized words and phrases
shall have the following meanings:
(a) "ACQUIRED ASSETS" means all right, title, and interest in and
to all of the outdoor advertising sign assets and properties of the Seller
located in the Tampa, Florida metropolitan area, including all of the Displays,
Leases, Contracts, Permits, Unbuilt Locations and Other Assets of the Seller
located at or pertaining to the Locations, excluding those accounts receivable
arising under the Contracts regarding advertising services delivered or made
available by the Seller prior to the Effective Date.
(b) "ADVERSE CONSEQUENCES" means all actions, suits, proceedings,
hearings, investigations, charges, complaints, claims, demands, injunctions,
judgments, orders, decrees, rulings, damages, dues, penalties, fines, costs,
amounts paid in settlement, Liabilities, obligations, Taxes, liens, losses,
expenses, and fees, including court costs and reasonable attorneys' fees and
expenses.
(c) "ASSUMED LIABILITIES" means the Liabilities of the Seller
which arise or have arisen after the Effective Date in the Ordinary Course of
Business under the Leases, Contracts and Permits; provided, however, that the
"Assumed Liabilities" shall not include any Liability resulting from, arising
out of, relating to, in the nature of, or caused by any breach of contract,
breach of warranty, tort, infringement or violation of law. Except as
specifically set forth above, the term "Assumed Liabilities" shall not include
any other Liabilities of the Seller.
(d) "BASIS" means any past or present fact, situation,
circumstance, status, condition, activity, practice, plan, occurrence, event,
incident, action, failure to act, or transaction that forms or could form the
basis for any specified consequence.
(e) "BUYER" has the meaning set forth in the preface above.
(f) "CLOSING" means the exchange of executed agreements,
instruments and documents and the payment of the agreed-upon consideration with
respect to the transactions contemplated by this Agreement.
(g) "CLOSING DATE" has the meaning set forth in Section 2(e)
below.
(h) "CODE" means the Internal Revenue Code of 1986, as amended.
(i) "CONTRACTS" means and includes all of the advertising
contracts of the Seller for each of the Locations, including but not limited to
the Contracts listed on Schedule 1(i), attached hereto.
(j) "DISCLOSURE SCHEDULE" has the meaning set forth in Section 3
below.
(k) "DISPLAYS" means and includes all of the sign structures,
panels, light fixtures, electrical hook-ups, catwalks, communications
equipment, appurtenances and other personal property owned and used by the
Seller in the operation of the Seller's existing bulletin, junior poster,
eight-sheet painted walls and other outdoor advertising displays (including but
not limited to the outdoor advertising displays located at the Locations).
(l) "EFFECTIVE DATE" shall mean October 1, 1997.
(m) "ENVIRONMENTAL, HEALTH, AND SAFETY LAWS" means the
Comprehensive Environmental Response, Compensation and Liability Act of 1980,
the Resource Conversation and Recovery Act of 1976, and the Occupational Safety
and Health Act of 1970, each as amended, together with all other laws
(including rules, regulations, codes, plans, injunctions, judgments, orders,
decrees, rulings, and charges thereunder) of federal, state and local
governments (and all agencies thereof) concerning pollution or protection of
the environment, public health and safety, or employee health and safety,
including laws relating to emissions, discharges, releases, or threatened
releases of pollutants, contaminants, or chemical, industrial, hazardous, or
toxic materials or wastes into ambient air, surface water, ground water, or
lands or otherwise relating to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport, or handling of pollutants,
contaminants, or chemical, industrial, hazardous, or toxic materials or wastes.
(n) [INTENTIONALLY OMITTED.]
(o) "GAAP" means United States generally accepted accounting
principles as in effect from time to time.
(p) "KNOWLEDGE" means actual knowledge after reasonable
investigation.
(q) "LEASES" means and includes all of the rights, title,
easements, leases, leasehold interests, licenses, agreements, understandings,
interests and arrangements of the Seller
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regarding the rights of use of each of the Locations, including but not limited
to the Leases listed on Schedule 1(q), attached hereto and the easements listed
on Schedule 3(y), attached hereto.
(r) "LIABILITY" means any liability (whether known or unknown,
whether asserted or unasserted, whether absolute or contingent, whether accrued
or unaccrued, whether liquidated or unliquidated, and whether due or to become
due), including any liability for Taxes.
(s) "LOCATION(S)" means one or more of the existing or unbuilt
outdoor advertising display locations of the Seller, including those listed on
Schedule 1(s), attached hereto.
(t) [INTENTIONALLY OMITTED.]
(u) [INTENTIONALLY OMITTED.]
(v) [INTENTIONALLY OMITTED.]
(w) [INTENTIONALLY OMITTED.]
(x) "ORDINARY COURSE OF BUSINESS" means the ordinary course of
business consistent with past custom and practice (including with respect to
quantity and frequency).
(y) "OTHER ASSETS" means the motor vehicles, office equipment,
machinery, furniture, inventory, supplies, parts, customer lists, telephone
numbers and listings, business records and other assets and properties of the
Seller listed on Schedule 1(y), attached hereto.
(z) "PARTY" has the meaning set forth in the preface above.
(aa) "PERMITS" means the state and local permits, authorizations,
and governmental approvals required for the use and operation of the Displays
at the Locations, which Permits are listed on Schedule 1(aa), attached hereto.
(ab) "PERSON" means an individual, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization, or a governmental entity (or any
department, agency, or political subdivision thereof).
(ac) "PRORATIONS" means the prorations and purchase price
adjustments referred to in Section 2(d) below and elsewhere in this Agreement.
(ad) "PURCHASE PRICE" has the meaning set forth in Section 2(c)
below.
(ae) "SECURITY INTEREST" means any mortgage, pledge, lien, claim,
encumbrance, charge or other security interest, other than liens for Taxes not
yet due and payable.
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(af) "SELLER" has the meaning set forth in the preface above. The
term "Seller" specifically includes without limitation Paxson Outdoor, Inc., a
Florida corporation which has been merged with and into the Seller.
(ag) "TAX" means any federal, state, local or foreign income, gross
receipts, license, payroll, employment, excise, severance, stamp, occupation,
premium, windfall profits, environmental (including taxes under Code #59A),
customs duties, capital stock franchise, profits, withholding, social security
(or similar), unemployment, disability, real property, personal property,
sales, use, transfer, registration, value-added, alternative or add-on minimum,
estimated, or other tax of any kind whatsoever, including any interest,
penalty, or addition thereto, whether disputed or not.
(ah) "TAX RETURN" means any return, declaration, report, claim for
refund, or information return or statement relating to Taxes, including any
schedule or attachment thereto, and including any amendment thereof.
(ai) "UNBUILT LOCATIONS" means and includes any complete or
partially complete Displays and any Leases, Contracts or Permits, as well as
any right, title, interest or expectancy in any Location where the Seller has
planned, contemplated or worked upon the possibility of outdoor advertising at
any time prior to the date of this Agreement but which has not yet been
constructed or completed, including each of the Locations identified on
Schedule 1(ai), attached hereto.
2. BASIC TRANSACTION.
(a) PURCHASE AND SALE OF ASSETS. On and subject to the terms and
conditions of this Agreement, the Buyer agrees to purchase from the Seller, and
the Seller agrees to sell, transfer, convey, and deliver to the Buyer, all of
the Acquired Assets at the Closing for the consideration specified below in
this Section 2.
(b) ASSUMPTION OF LIABILITIES. On and subject to the terms and
conditions of this Agreement, the Buyer agrees to assume and become responsible
for the Assumed Liabilities at the Closing. The Seller expressly acknowledges,
agrees and understands that the Buyer will not assume or have any
responsibility with respect to any other Liability of the Seller not included
within the definition of Assumed Liabilities; rather, the Seller shall retain
any and all such Liabilities and shall pay, honor, perform, discharge, satisfy
and, if appropriate, defend and indemnify the Buyer against, the same in a
prompt and timely manner.
(c) PURCHASE PRICE. In consideration of the Buyer's purchase and
the Seller's sale of the Acquired Assets, the Buyer agrees to pay to the Seller
the sum of Four Million Five Hundred Thousand Dollars ($4,500,000), plus or
minus the Prorations (the "PURCHASE PRICE"), by delivery of cash in the amount
of Four Million Five Hundred Thousand Dollars ($4,500,000), plus or minus the
Prorations, at the Closing, payable to the Seller by wire transfer or delivery
of other immediately available funds. At the Closing, the Seller shall render
an accounting as
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to the Prorations with respect to all periods through and including the
Effective Date (excluding October, 1997 receipts and rental payments) in
accordance with Section 2(d) below and the Purchase Price shall be adjusted
accordingly. Following the Closing, the Parties shall render a final
accounting as to the Prorations pertaining to October, 1997 receipts and
expenses in accordance with Section 2(d) below and the Purchase Price will be
further adjusted accordingly. Wire transfer instructions for payments to the
Seller hereunder are attached hereto as Schedule 2(c).
(d) PRORATIONS.
(i) ITEMS TO BE PRORATED. The Purchase Price is subject
to the following adjustments and prorations (the "PRORATIONS"): It is the
intention of the Parties that all items of income and expense relating to the
Acquired Assets will be prorated as of the Effective Date, with the Seller
benefitting or being liable (as the case may be) to the extent such items
relate to any time period up to and including the Effective Date and the Buyer
benefitting or being liable (as the case may be) to the extent such items
relate to periods on or subsequent to the Effective Date, including without
limitation (a) all rental payments under the Leases; (b) all invoices and
receipts regarding advertising billings under the Contracts; (c) other items
payable by or to the Seller under any Contract or Lease to be assigned to or
assumed by the Buyer hereunder; (d) personal property, real estate, occupancy
and water taxes, if any, on or with respect to the Acquired Assets; (e) the
amount of sewer rents and charges for water, telephone, electricity and other
utilities and fuel as to the Locations; (f) all rentals that are or would be
payable or have accrued pursuant to "percentage rental" lease provisions; (g)
all other items of income or expense to the extent not specifically referenced
in clauses (a) through (f) above which are normally prorated in connection with
similar transactions.
(ii) PAYMENTS UNDER CONTRACTS AND LEASES. The Seller has
issued bills to all advertisers under the Contracts for the month of October,
1997, which billings total $67,570.68 in the aggregate. The Seller has paid
all of the October, 1997 rental payments under the Leases, which rental
payments total $24,910.88 in the aggregate. Until such time as the Parties
complete the post-closing accounting provided for below, the Seller shall be
permitted to continue to collect, endorse and deposit all payments sent to the
Seller with respect to the October, 1997 billings; provided, however, the
Seller understands and acknowledges that such receipts are the property of the
Buyer and shall be credited to the Buyer as part of the post-closing
accounting. After completion of the post-closing accounting, any amounts
received by the Seller for October, 1997 billings (or billings for any
subsequent billing periods) promptly shall be forwarded to the Buyer in the
form received by the Seller, properly endorsed by the Seller to the extent
appropriate. Likewise, any amounts received by the Buyer for pre-October, 1997
billings promptly shall be forwarded to the Seller in the form received by the
Buyer, properly endorsed by the Buyer, to the extent appropriate. A list of
percentage Leases with the date of expiration is attached hereto as Schedule
2(d)(ii). No amounts are outstanding under any such percentage Leases for any
period(s) prior to the Effective Date, except as set forth on Schedule
2(d)(ii).
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(iii) ACCOUNTING AT TIME OF CLOSING. At the Closing, the
Seller shall render an accounting as to the Seller's good faith estimate of the
Prorations, as of the Effective Date, except that (A) the Seller shall not
receive a credit at the Closing for any October, 1997 rental payments made by
the Seller on behalf of the Buyer in accordance herewith, and (B) the Buyer
shall not receive a credit at the Closing for any October,1997 billings
collected by the Seller on behalf of the Buyer in accordance herewith. To the
extent any amounts are due under any of the percentage Leases for any period of
time through the Effective Date, the Seller shall prorate the same and give the
Buyer an appropriate credit for the same at the Closing.
(iv) POST-CLOSING ACCOUNTING. Not less than sixty (60)
nor more than seventy-five (75) days after the Closing:
(A) The Seller shall account to the Buyer as to
all October, 1997 billings collected by the Seller. The Seller shall pay to
the Buyer at the time of such accounting an amount equal to the October, 1997
billings so collected less the aggregate amount of the October, 1997 rental
payments made by the Seller under the Leases (and any other proratable expenses
paid by the Seller which were not included in the Closing Prorations). To the
extent the billings collected by the Seller shall be less than the rental
payments made by the Seller, the Buyer shall pay the difference to the Seller
within ten (10) days after the Seller accounts to the Buyer. After the Seller
accounts to the Buyer as to all October, 1997 billings and October, 1997 rent,
the Seller shall no longer be permitted to collect the October, 1997 billings
(except for the limited purpose of endorsing and transmitting the same to the
Buyer).
(B) The Buyer shall render a final accounting
to the Seller as to any changes in the Prorations calculated by the Seller at
the Closing. To the extent either Party is determined to owe any amount to the
other Party as a result of such updated Prorations, such payment shall be made
within ten (10) days.
(v) ESTIMATES. If current payments with respect to items
to be prorated pursuant to this Section 2(d) are not ascertainable on or before
the date of the post-closing accounting referred to above, such payments shall
be prorated on the basis of the most recently ascertainable bill therefor and
shall be reprorated between the Seller and the Buyer when the current bills
with respect to such items have been issued and a cash settlement shall be made
within thirty (30) days thereafter.
(e) THE CLOSING. The Closing shall take place at the offices of
Universal Outdoor, Inc., Orlando, Florida commencing at 10:00 a.m. local time
on the second business day following the satisfaction or waiver of all
conditions to the obligations of the Parties to consummate the transactions
contemplated hereby (other than conditions with respect to actions the
respective Parties will take at the Closing itself), or such other date as the
Parties may mutually determine (the "CLOSING DATE").
(f) DELIVERIES AT THE CLOSING. At the Closing, (i) the Seller
will deliver to the Buyer the various certificates, instruments and documents
referred to in Section 7(a) below; (ii) the
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Buyer will deliver to the Seller the various certificates, instruments and
documents referred to in Section 7(b) below; (iii) the Seller will execute,
acknowledge (if appropriate), and deliver to the Buyer (A) bills of sale and
assignments in the forms attached hereto as Exhibits A-1 through A-4 and (B)
such other instruments of sale, transfer, conveyance and assignment as the
Buyer and its counsel reasonably may request, (iv) the Buyer will execute,
acknowledge (if appropriate), and deliver to the Seller (A) the assignment and
assumption agreements in the forms attached hereto as Exhibits A-2 through A-4,
and (B) such other instruments of assumption as the Seller and its counsel
reasonably may request, and (v) the Buyer will deliver to the Seller the
consideration specified in Section 2(c) above.
3. REPRESENTATIONS AND WARRANTIES OF THE SELLER.
The Seller represents and warrants to the Buyer that the statements
contained in this Section 3 are correct and complete as of the date of this
Agreement and will be correct and complete as of the Closing Date (as though
made then and as though the Closing Date were substituted for the date of this
Agreement throughout this Section 3), except as set forth in the disclosure
schedule accompanying this Agreement and initialed by the Parties (the
"DISCLOSURE SCHEDULE"). The Disclosure Schedule will be arranged in paragraphs
corresponding to the lettered and numbered paragraphs contained in this Section
3.
(a) ORGANIZATION OF THE SELLER. The Seller is a corporation duly
organized, validly existing, and in good standing under the laws of the
jurisdiction of its incorporation. Seller is legally qualified to transact
business in all other jurisdictions in which it currently conducts business
relative to the Acquired Assets. Seller has the full power and authority,
corporate and otherwise, to own, lease, and operate the Acquired Assets and to
conduct its business as currently conducted in the places where the Acquired
Assets are now located.
(b) AUTHORIZATION OF TRANSACTION. The Seller has full power and
authority (including full corporate power and authority) to execute and deliver
this Agreement and to perform its obligations hereunder. Without limiting the
generality of the foregoing, the board of directors of the Seller has duly
authorized the execution, delivery and performance of this Agreement by the
Seller. This Agreement constitutes the valid and legally binding obligation of
the Seller, enforceable in accordance with its terms and conditions.
(c) NONCONTRAVENTION. Neither the execution and the delivery of
this Agreement, nor the consummation of the transactions contemplated hereby,
will (i) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any
government, governmental agency, or court to which the Seller is subject or any
provision of the charter or by-laws of the Seller or (ii) conflict with, result
in a breach of, constitute a default under, result in the acceleration of,
create in any party the right to accelerate, terminate, modify, or cancel, or
require any notice under any agreement, contract, lease, license, instrument,
or other arrangement to which any of the Seller is a party or by which it is
bound or to which any of the Acquired Assets is subject (including but not
limited to the Leases, Contracts and Permits).
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(d) BROKERS' FEES. The Seller has no Liability or obligation to
pay any fees or commissions to any broker, finder or agent with respect to the
transactions contemplated by this Agreement for which the Buyer could become
liable or obligated.
(e) TITLE TO ASSETS. Paxson Outdoor, Inc., a Florida corporation
("Paxson Outdoor") has been merged with and into the Seller. Immediately prior
to the merger, Paxson Outdoor was the sole and exclusive owner of the Acquired
Assets. As a result of the merger, the Seller has good and marketable title
to, or a valid leasehold interest in, all of the Acquired Assets, free and
clear of any Security Interest or restrictions on transfer of any nature. If
and to the extent that after the Closing the Buyer discovers any Security
Interest or restriction on transfer as to any of the Acquired Assets, the
Seller will cause the same to be released, removed or otherwise resolved to the
Buyer's satisfaction in a prompt manner. The Acquired Assets constitute all of
the assets and properties of the Seller owned and/or used by the Seller in the
operation of the Seller's outdoor advertising business in the Tampa, Florida
metropolitan area.
(f) FINANCIAL INFORMATION. Attached hereto as Schedule 3(f) is
Seller's advertising billing and expense information for the twelve (12) month
period ended September 30, 1997, which billing information (a) is true, correct
and complete, (b) has been prepared in the ordinary course of Seller's business
and on a consistent basis throughout the periods covered thereby, (c) reflects
the most recent financial information regarding the Acquired Assets, (d)
includes all outdoor advertising revenues less agency expenses earned by
Seller, and (e) reflects all of Seller's expenses relating to the operation of
the Acquired Assets (including but not limited to all leasehold expenses,
utilities, production costs, maintenance costs and internal sales expenses).
(g) EVENTS SUBSEQUENT TO DECEMBER 31, 1996. Since December 31,
1996, there has not been any material adverse change in the business, financial
condition, operations, results of operations, or future prospects of the
Seller. Without limiting the generality of the foregoing, since that date:
(i) no party (including the Seller) has accelerated,
terminated, modified, or cancelled any of the Contracts, Leases, or
Permits;
(ii) the Seller has not delayed or postponed the payment
of any material expense;
(iii) the Seller has not imposed any Security Interest upon
any of the Acquired Assets;
(iv) the Seller has not granted any license or sublicense
of any rights under or with respect to any of the Acquired Assets;
(v) the Seller has not experienced any damage,
destruction, or loss (whether or not covered by insurance) to any of
the Acquired Assets;
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(vi) there has not been any other material adverse
occurrence, event, incident, action, failure to act, or transaction
outside the Ordinary Course of Business involving the Seller or the
Acquired Assets; and
(vii) the Seller has not committed to any of the foregoing.
(h) UNDISCLOSED LIABILITIES. To Seller's Knowledge, the Seller
does not have any Liability (and there is no Basis for any present or future
action, suit, proceeding, hearing, investigation, charge, complaint, claim, or
demand against the Seller giving rise to any Liability) pertaining to the
Acquired Assets except for Liabilities arising in the Ordinary Course of
Business under the Contracts, Leases and Permits to be transferred hereunder
(none of which Liabilities has been caused by, relates to, has arisen from or
is in the nature of a breach or violation of any of such Contracts, Leases or
Permits, or a constitutes a tort, infringement or violation of the law or the
rights of any third party).
(i) LEGAL COMPLIANCE. The Seller and its affiliates have complied
in all material respects with all applicable laws (including rules,
regulations, codes, plans, injunctions, judgments, orders, decrees, rulings and
charges thereunder) of federal, state and local governments (and all agencies
thereof), in connection with the use of the Acquired Assets and the operation
of Seller's outdoor advertising business, and no action, suit, proceeding,
hearing, investigation, charge, complaint, claim, demand or notice has been
filed or commenced against any of them alleging any failure so to comply.
Without limiting the generality of the foregoing, Seller shall comply with all
requirements of the Delaware Corporation Law relative to this transaction, and
Seller will deliver to the Buyer, upon request, certified copies of resolutions
of Seller's directors authorizing the negotiation and consummation of this
transaction, whether or not required by applicable law.
(j) LITIGATION. There is no action, proceeding or investigation
pending or threatened against the Seller, or involving any of the Acquired
Assets, before any court or before any governmental department, commission,
board, agency or instrumentality, nor does the Seller know of any Basis for any
such action, proceeding or investigation which could result in any order,
injunction or decree against the Seller or otherwise involve or adversely
effect any of the Acquired Assets. The Seller agrees that it shall retain all
liability for any pending and/or threatened action, proceeding, investigation
or litigation, regardless of whether the same has been disclosed to the Buyer.
(k) TAX MATTERS. The Seller has filed all Tax Returns that it was
required to file. All such Tax Returns were correct and complete in all
respects. To Seller's Knowledge, all Taxes owed by the Seller (whether or not
shown on any Tax Return) have been paid. The Seller currently is the
beneficiary of no extension of time within which to file any Tax Return. No
claim has ever been made by an authority in a jurisdiction where the Seller
does not file Tax Returns that it is or may be subject to taxation by that
jurisdiction. There are no Security Interests on any of the Acquired Assets
that arose or will arise in connection with any failure (or alleged failure) by
the Seller to pay any Tax. The Seller has withheld and paid all Taxes
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required to have been withheld and paid in connection with amounts paid or
owing to any employee, independent contractor, creditor, stockholder, or other
third party. No director or officer (or employee responsible for Tax matters)
of the Seller expects any authority to assess any additional Taxes for any
period for which Tax Returns have been filed. There is no dispute or claim
concerning any Tax Liability of the Seller either (A) claimed or raised by any
authority in writing or (B) as to which any of the directors and officers (and
employees responsible for Tax matters) of the Seller has Knowledge.
(l) EMPLOYMENT MATTERS. There are no employment discrimination or
other claims by employees, or any unfair labor practice charges pending or
threatened against the Seller. The Seller has not engaged in any unfair or
discriminatory labor practices, and there is no strike, dispute, grievance,
request for representation or work stoppage pending or threatened against the
Seller, by or with respect to any of its current or former employees. The
Seller shall be responsible for terminating (or causing the termination of) all
employees and contractors who have any claim to continued business relations
with the Seller following the Closing and with providing any notice of layoff
or plant closing required in connection with the transaction contemplated
herein pursuant to any federal law, and any applicable state or local plant
closing notification statute. The Seller shall bear any liability or
obligation that may arise or accrue as the result of improper or untimely
notice of termination or that may arise from any person claiming wrongful
termination or change of employment as a result of the actions of the Seller
prior to Closing or of the terminations pursuant to this Section.
(m) EMPLOYEE BENEFIT PLANS AND POLICIES. The Buyer shall not
assume or otherwise become liable under any (i) of Seller's life, health,
accident or disability or any other "employee welfare benefit plans" as defined
in Section 3(l) of ERISA, or (ii) any of Seller's "employee pension benefit
plans" as defined in Section 3(2) of ERISA. If any employees of the Seller are
entitled to continuation coverage under applicable group health plans, Seller
shall be responsible to offer such coverage in accordance with applicable laws.
(n) LEASES. Schedule 1(q) lists and describes briefly all of the
Leases. The Seller has delivered to the Buyer correct and complete copies of
the Leases. With respect to each Lease listed in Schedule 1(q):
(i) the Lease is legal, valid, binding, enforceable in
accordance with its terms, and in full force and effect and is fully
transferable and permits the continued presence of any Display(s)
located thereon;
(ii) the Lease will continue to be legal, valid, binding,
enforceable, and in full force and effect on identical terms following
the consummation of the transactions contemplated hereby (including
the assignments and assumptions referred to in Section 2 above);
(iii) all contractual Lease payments either have been or
will be made by the Seller through the Closing, Seller is not in
breach or default and, to Seller's Knowledge,
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no other party to the Lease is in breach or default, and no event has
occurred which, with notice or lapse of time, would constitute a
breach or default or permit termination, modification, or acceleration
thereunder;
(iv) neither Seller, nor to Seller's Knowledge, any other
party to the Lease has repudiated any provision thereof;
(v) there are no disputes, oral agreements, or
forbearance programs in effect as to the Lease;
(vi) the Seller has not assigned, transferred, conveyed,
mortgaged, deeded in trust, or encumbered any interest in the
leasehold;
(vii) all leased locations have received all approvals of
governmental authorities (including licenses and permits) required in
connection with the operation thereof as presently conducted and have
been operated and maintained in accordance with applicable laws,
rules, and regulations;
(viii) all leased Locations are supplied with utilities and
other services necessary for their operation as currently operated;
and
(ix) to Seller's Knowledge, the owner of each leased
Location has good and marketable title to the parcel of real property,
free of restrictions which impair the current use, occupancy, or value
of the portion of such real estate leased to the Seller.
(o) DISPLAYS. The Displays are in good working order and repair,
ordinary wear and tear excepted, and comply in all material respects with all
applicable building codes, zoning and other regulations of entities having
jurisdiction over the construction and maintenance of the Displays, and are fit
for their intended purpose in accordance with industry standards. There are a
total of 81 Displays with a total of 178 advertising faces among the Assets
being purchased by the Buyer hereunder.
(p) CONTRACTS. The Contracts are legal, valid, binding and in
full force and effect and are fully transferable. Neither the Seller nor, to
the Seller's Knowledge, any advertiser is in default under any Contract.
Neither the execution nor consummation of this Agreement will cause the
termination or violation of any Contract to be assumed by the Buyer pursuant to
this Agreement.
(q) PERMITS. The Permits are the only permits and other federal,
state and local authorizations and approvals necessary to allow the continued
presence of the Displays where the same are located. All applicable fees for
such Permits have been paid through the Closing Date. All of the Permits are
valid and in full force and effect and are fully transferable. To the Seller's
Knowledge, neither the execution nor the consummation of this Agreement will
cause
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the termination of any Permit. The Seller agrees to cooperate fully with the
Buyer in renewing any Permit after the Closing.
(r) STATUS OF ACCOUNTS RECEIVABLE. The outstanding accounts
receivable of the Seller relating to advertising services delivered or made
available after the Effective Date, are current and collectible in the Ordinary
Course of Business. In accordance with Section 2(d) above, the Seller shall
continue its normal and customary collection efforts with regard to such
accounts receivable and shall not make any operational changes except as shall
be mutually agreed by the Buyer and the Seller. All of the accounts receivable
of the Seller arose out of bona fide transactions in the Ordinary Course of
Business and are not subject to any right of offset or counterclaim.
(s) UNBUILT LOCATIONS. Schedule 1(ai) contains a complete listing
of the Unbuilt Locations of the Seller.
(t) NO CONTINUING INTEREST. Following the Closing, neither the
Seller nor any other officer, director, shareholder or employee of the Seller
will have any direct, indirect or beneficial ownership or other financial
interest in any real or personal property which is in any way involved with or
related to the operation of any of the Locations or Displays being purchased by
the Buyer hereunder.
(u) TANGIBLE ASSETS. The Acquired Assets are free from material
defects (patent and latent), have been maintained in accordance with normal
industry practice, are in good operating condition and repair (subject to
normal wear and tear), and are suitable for the purposes for which they
presently are used. The inventory of the Seller consists of raw materials and
supplies, parts, goods in process, and finished goods, all of which are
merchantable and fit for the purpose for which they were procured or
manufactured.
(v) ENVIRONMENT, HEALTH, AND SAFETY. The Seller and affiliates
(and to Seller's Knowledge, its predecessors) have complied with all
Environmental, Health, and Safety Laws, and no action, suit, proceeding,
hearing, investigation, charge, complaint, claim, demand, or notice has been
filed or commenced against any of them alleging any failure so to comply.
Without limiting the generality of the preceding sentence, the Seller and its
predecessors and affiliates have obtained and been in compliance in all
material respects with all of the terms and conditions of all permits,
licenses, and other authorizations which are required under, and has complied
with all other limitations, restrictions, conditions, standards, prohibitions,
requirements, obligations, schedules, and timetables which are contained in,
all Environmental, Health, and Safety Laws. The Seller does not have any
Liability (and neither the Seller, nor to Seller's Knowledge, any of its
predecessors and affiliates, has handled or disposed of any substance, arranged
for the disposal of any substance, exposed any employee or other individual to
any substance or condition, or owned or operated any property or facility in
any manner that could form the Basis for any present or future action, suit,
proceeding, hearing, investigation, charge, complaint, claim, or demand against
the Seller giving rise to any Liability) for damage
-12-
to any Location, for any illness of or personal injury to any employee or other
individual, or for any reason under any Environmental, Health, and Safety Law.
(w) BARTERING/TRADE OUTS. The Seller has not engaged in any
"bartering" or "lease trade outs" of accounts receivable or advertising space;
provided, however, it is agreed and understood that the Buyer shall provide the
Moody Bible Institute of Chicago ("Moody") with advertising space on a total of
ten (10) billboard faces, each for a period of up to 180 days, upon customary
terms and conditions, other than the payment of rent. Each billboard location
will be (i) in Pinellas, Pasco or Hernando County, Florida and (ii) provided to
Moody subject to availability as determined by Buyer in its sole discretion.
The Buyer may provide such billboards to Moody one at a time or concurrently at
multiple locations, all at the discretion of the Buyer.
(x) STRUCTURES ON I-75 AND HIGHWAY 50. With respect to the eight
(8) Displays located on I-75 and Highway 50, the Seller specifically represents
and warrants (without in any way limiting the generality of the other
representations and warranties in this Agreement) that it has no Knowledge of
any pending or threatened claim or dispute (and the Seller has not received
notice of any claim or dispute) which could have a material adverse affect on
the Buyer's ability to maintain, operate and use the Displays at those
Locations (including but not limited to any claim or dispute related to the
re-zoning of those Locations).
(y) PERMANENT EASEMENTS. Schedule 3(y) lists all easements with
respect to the Locations to be transferred to the Buyer hereunder. With
respect to each such easement: (i) the easement is legal, valid, binding,
enforceable in accordance with its terms and in full force and effect and is
fully transferrable and permits the continue presence of any Display(s) located
thereon; (ii) the easement will continue to be legal, valid, binding and
enforceable in accordance with its terms following the consummation of the
transactions contemplated hereby; (iii) the easement is perpetual in duration;
(iv) the easement has been properly recorded; (v) there are no disputes
concerning the easement; (vi) the Seller owns (and has not assigned, encumbered
or transferred any right to or interest in) the easement; and (vii) to the
Seller's Knowledge, the grantor of the easement was the owner of the parcel of
real property related thereto and had the full right, power and authority to
grant the easement at the time it was granted. As of the Closing Date, none of
the easements shall require any further payment(s) to maintain the easement in
force and effect (it being agreed that any and all remaining payments due or to
become due for any of the easements shall be paid by the Seller at or before
the Closing).
(z) DISCLOSURE. The representations and warranties contained in
this Section 3 do not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements and
information contained in this Section 3 not misleading.
4. REPRESENTATIONS AND WARRANTIES OF THE BUYER.
The Buyer represents and warrants to the Seller that the statements
contained in this Section 4 are correct and complete as of the date of this
Agreement and will be correct and
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complete as of the Closing Date (as though made then and as though the Closing
Date were substituted for the date of this Agreement throughout this Section
4), except as set forth in the Disclosure Schedule.
(a) ORGANIZATION. The Buyer is a corporation formed under the
laws of the State of Illinois. The Buyer has the full power and authority,
corporate and otherwise, to execute and deliver this Agreement and to perform
its obligations hereunder.
(b) AUTHORIZATION AND ENFORCEABILITY. The Buyer has the full
power and authority (including full corporate power and authority) to execute
and deliver this Agreement and to perform its obligations hereunder. Without
limiting the generality of the foregoing, the board of directors of the Buyer
has duly authorized the execution, delivery and performance of this Agreement
by the Buyer. This Agreement constitutes the valid and legally binding
obligation of the Buyer, enforceable in accordance with its terms and
conditions.
(c) NONCONTRAVENTION. Neither the execution and the delivery of
this Agreement, nor the consummation of the transactions contemplated hereby,
will (i) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any
government, governmental agency, or court to which the Buyer is subject or any
provision of the charter or by-laws of the Buyer or (ii) conflict with, result
in a breach of, constitute a default under, result in the acceleration of,
create in any party the right to accelerate, terminate, modify, or cancel, or
require any notice under any agreement, contract, lease, license, instrument,
or other arrangement to which any of the Buyer is a party or by which it is
bound.
(d) BROKERS. The Buyer has no Liability or obligation to pay any
fees or commissions to any broker, finder or agent with respect to the
transactions contemplated by this Agreement for which the Seller could become
liable or obligated.
(e) COMPLIANCE WITH LAWS. The Buyer will comply with all of the
requirements and conditions of the Illinois Business Corporation Act relative
to its purchase of the Acquired Assets and will deliver to the Seller an
officer's certificate attesting to the authority of the Buyer to negotiate and
consummate this transaction, whether or not required by applicable law.
(f) DISCLOSURE. The representations and warranties contained in
this Section 4 do not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements and
information contained in this Section 4 not misleading.
5. PRE-CLOSING COVENANTS.
The Parties agree as follows with respect to the period between the
execution of this Agreement and the Closing:
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(a) GENERAL. Each of the Parties will use its reasonable best
efforts to take all action and to do all things necessary, proper or advisable
in order to consummate and make effective the transactions contemplated by this
Agreement (including satisfaction, but not waiver, of the closing conditions
set forth in Section 7 below).
(b) NOTICES AND CONSENTS. The Seller will give any notices to
third parties, and the Seller will use its reasonable best efforts to obtain
any third party consents, that the Buyer reasonably may request. Each of the
Parties will give any notices to, make any filings with, and use their
reasonable best efforts to obtain any authorizations, consents, and approvals
of, governments and governmental agencies.
(c) NOTICES UNDER CONTRACTS AND LEASES. At the Closing, the
Seller shall deliver executed notices from the Seller to advertisers directing
such advertisers to make payment to the Buyer after the Closing of payments for
advertising services for all periods beginning on or after October 1, 1997, on
the Contracts conveyed. At the Closing, the Seller shall deliver executed
notices from Seller to each of the lessors of the Leases advising the lessors
that the Buyer has assigned and the Seller has assumed the Leases and that the
Seller's future rental obligations under the Leases have been assumed by the
Buyer effective as of October 1, 1997. All notices required by this Section
5(c) shall be in a form reasonably acceptable to the Buyer.
(d) OPERATION OF BUSINESS. The Seller will not engage in any
practice, take any action, or enter into any transaction outside the Ordinary
Course of Business with respect to any of the Acquired Assets.
(e) PRESERVATION OF BUSINESS. The Seller will keep the Acquired
Assets intact, including relationships with lessors, licensors, suppliers,
customers and employees.
(f) FULL ACCESS. The Seller will permit representatives of the
Buyer to have full access at all reasonable times, and in a manner so as not to
interfere with the normal business operations of the Seller, to all premises,
Locations, properties, personnel, books, records (including Tax records),
Contracts, Leases, Permits, Displays and documents of or pertaining to the
Acquired Assets and the business of Seller.
(g) NOTICE OF DEVELOPMENTS. Each Party will give prompt written
notice to the other Party of any material adverse development causing a breach
of any of its own representations and warranties in Sections 3 and 4 above. No
disclosure by any Party pursuant to this Section 5(g), however, shall be deemed
to amend or supplement the Disclosure Schedule or to prevent or cure any
misrepresentation, breach of warranty or breach of covenant.
(h) EXCLUSIVITY. The Seller will not (i) solicit, initiate, or
encourage the submission of any proposal or offer from any Person relating to
the acquisition of any capital stock or other voting securities, or any of the
Acquired Assets (including any acquisition structured as a merger,
consolidation, or share exchange) or (ii) participate in any discussions or
negotiations regarding, furnish any information with respect to, assist or
participate in, or facilitate in any
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other manner any effort or attempt by any Person to do or seek any of the
foregoing. The Seller will notify the Buyer immediately if any Person makes
any proposal, offer, inquiry, or contact with respect to any of the foregoing.
6. POST-CLOSING COVENANTS.
The Parties agree as follows with respect to the period following the
Closing:
(a) GENERAL. In case at any time after the Closing any further
action is necessary or desirable to carry out the purposes of this Agreement,
each of the parties will take such further action (including the execution and
delivery of such further instruments and documents) as any other party
reasonably may request, all at the sole cost and expense of the requesting
party (unless the requesting party is entitled to indemnification therefor
under Section 8 below). Seller acknowledges and agrees that, from and after
the Closing, the Buyer will be entitled to possession of all documents, books,
records (including Tax records), agreements, and financial data of any sort
relating to the Acquired Assets. To the extent Buyer, at any time after the
Closing, needs access to any documents pertaining to the Acquired Assets and
such documents have not been provided to Buyer, Seller will cooperate with
Buyer in attempting to locate such documents (and Seller will provide Buyer
access to any such documents in Seller's control).
(b) TRANSITION. The Seller will not take any action that is
designed or intended to have the effect of discouraging any lessor, lessee,
licensor, licensee, customer, supplier, employee, sales representative,
distributor, independent contractor or other business associate of the Seller
from maintaining the same business relationships with the Buyer after the
Closing as it maintained with the Seller prior to the Closing. Seller will
refer all customer inquiries relating to the businesses of the Seller to the
Buyer from and after the Closing.
(c) NON-INTERFERENCE AND CONFIDENTIALITY. At the Closing, the
Seller shall execute and deliver to the Buyer a Non-Interference and
Non-Disclosure Agreement substantially in the form of Exhibit B, attached
hereto.
(d) CERTAIN TAXES. The consideration payable to the Seller herein
is deemed to include all sales and other Taxes imposed with respect to the
transfer of assets contemplated herein. Without limiting the generality of the
foregoing, all gains, transfer, documentary, sales, use, stamp, registration
and other such Taxes and fees (including any penalties and interest) incurred
in connection with the execution and performance of this Agreement and the
consummation of the transactions contemplated herein, shall be paid by the
Seller when due, and the Seller will, at his own expense, file all necessary
tax returns and other documentation with respect to all such transfer,
documentary, sales, use, stamp, registration and other Taxes and fees, and, if
required by applicable law, the Buyer will join in the execution of any such
tax returns and other documentation.
(e) SETTLEMENT OF LITIGATION. At the Closing, the Seller and all
of the Seller's affiliates shall execute and deliver to the Buyer a Settlement
Agreement of all claims arising
-16-
from or pertaining to that certain cause of action entitled Universal Outdoor,
Inc. v. Paxson Communications Corporation, Case No. CI 96-8914.
7. CONDITIONS TO OBLIGATION TO CLOSE.
(a) CONDITIONS TO OBLIGATION OF THE BUYER. The obligation of the
Buyer to consummate the transactions to be performed by it in connection with
the Closing is subject to satisfaction of the following conditions:
(i) The Buyer shall have completed, prior to the Closing,
and to the Buyer's reasonable satisfaction, the Buyer's due diligence
inspection, investigation and audit of the assets, properties,
financial records and business of Seller, and the representations and
warranties of the Seller set forth in Section 3 above and elsewhere in
this Agreement shall remain true and correct in all material respects
at and as of the Closing Date.
(ii) The Seller shall have performed and complied with all
of its covenants hereunder in all material respects through the
Closing.
(iii) The Seller shall have procured all necessary and
appropriate third party and governmental consents (including any
necessary Justice Department approval).
(iv) No action, suit, or proceeding shall be pending or
threatened before any court or quasijudicial or administrative agency
of any federal, state, local, or foreign jurisdiction or before any
arbitrator wherein an unfavorable injunction, judgment, order, decree,
ruling, or charge would (A) prevent consummation of any of the
transactions contemplated by this Agreement, (B) cause any of the
transactions contemplated by this Agreement to be rescinded following
consummation, or (C) affect adversely the right of the Buyer to own
the Acquired Assets, to operate the former businesses of the Seller
(and no such injunction, judgment, order, decree, ruling, or charge
shall be in effect).
(v) The Seller shall have delivered to the Buyer a
certificate executed by an authorized officer of the Seller to the
effect that each of the conditions specified above in Sections
7(a)(i)-(iv) is satisfied in all respects.
(vi) The Buyer shall have received an original certificate
of good standing for Seller (issued by the Seller's state of
incorporation and each of the states in which Seller transacts
business relative to the Acquired Assets) and resolutions of the
directors of the Seller, authorizing the execution, delivery and
performance of this Agreement certified by the Secretary (or an
Assistant Secretary) of the Seller.
(vii) There shall not have been any material adverse change
in Seller's business, assets or condition (financial or otherwise),
including without limitation its relationships with customers,
suppliers, landlords or others, between the date of this Agreement,
and the Closing Date.
-17-
(viii) The Seller shall have maintained all of the Acquired
Assets, including but not limited to the Displays, in at least as good
condition and repair as on the date of this Agreement and will not
voluntarily do or suffer anything to be done that will decrease the
value of the Acquired Assets, ordinary wear and tear excepted.
(ix) The Seller shall have executed and delivered to the
Buyer a bill(s) of sale and the instruments of assignments and
transfer in the form of Exhibits A-1 through A-4, attached hereto.
(x) Counsel for the Buyer shall have approved the form,
substance and sufficiency of all instruments to be delivered by the
Seller at or before the Closing.
(xi) The relevant parties shall have entered into
Non-Interference and Non-Disclosure Agreement(s) in form and substance
as set forth in Exhibit B attached hereto, and the same shall be in
full force and effect.
(xii) The Seller and its affiliates shall have executed and
delivered to the Buyer the Settlement Agreement referred to in
paragraph 6(e) above, which Settlement Agreement shall be in the form
of Exhibit C, attached hereto.
(xiii) The Seller shall have executed and delivered to the
Buyer an appropriate assignment as to each of the easements identified
on Schedule 3(y), attached hereto.
(xiv) At the time of the Closing, the Sellers shall deliver
to the Buyer all correspondence, notes, photographs, artwork,
sketches, pounce patterns, schematics, diagrams, engineering drawings,
surveys, books, records and other documents in the Sellers' possession
or under the Sellers' control, relating to the Acquired Assets,
including but not limited to the following: (a) all originals of the
Leases, Contracts and Permits; (b) all previous bills of sale,
assignments or documents reflecting or relating to any transfer of the
Acquired Assets; (c) all communications between the Sellers and any
lessors, advertisers, government authorities or third parties relating
to the Acquired Assets; and (d) all files and computer-generated
reports pertaining to the Displays and the Locations, including
statements of income and expenses and mailing addresses and phone
numbers for all ground lessors and advertising customers.
(xv) The Parties shall have prepared and agreed upon a
Closing Statement setting forth the Prorations and other adjustments
to be made at the Closing and identifying the amount(s) of the
payment(s) to be made at Closing.
(xvi) Communications Equity Associates shall have executed
and delivered to the Buyer a confidentiality agreement acceptable in
form and substance to the Buyer's counsel.
-18-
(xvii) All actions to be taken by the Seller in connection
with consummation of the transactions contemplated hereby and all
certificates, instruments, and other documents required to effect the
transactions contemplated hereby shall be reasonably satisfactory in
form and substance to the Buyer.
The Buyer may waive any condition specified in this Section 7(a) if it executes
a writing so stating at or prior to the Closing.
(b) CONDITIONS TO OBLIGATION OF THE SELLER. The obligation of the
Seller to consummate the transactions to be performed by it in connection with
the Closing is subject to satisfaction of the following conditions:
(i) The representations and warranties of the Buyer set
forth in Section 4 above and elsewhere in this Agreement shall be true
and correct in all material respects at and as of the Closing Date.
(ii) The Buyer shall have performed and complied with all
of its covenants hereunder in all material respects through the
Closing.
(iii) No action, suit, or proceeding shall be pending or
threatened before any court or quasi- judicial or administrative
agency of any federal, state, local, or foreign jurisdiction or before
any arbitrator wherein an unfavorable injunction, judgment, order,
decree, ruling, or charge would (A) prevent consummation of any of the
transactions contemplated by this Agreement or (B) cause any of the
transactions contemplated by this Agreement to be rescinded following
consummation (and no such injunction, judgment, order, decree, ruling,
or charge shall be in effect).
(iv) The Buyer shall have delivered to the Seller a
certificate executed by an authorized officer of the Buyer to the
effect that each of the conditions specified above in Section
7(b)(i)-(iii) is satisfied in all respects.
(v) The Buyer shall have received all other
authorizations, consents, and approvals of governments and
governmental agencies referred to in Sections 3(c) and 4(c) above
(including any necessary Justice Department approval).
(vi) The Buyer shall have executed and delivered to the
Seller the assumption agreements in the form of Exhibits A-2 through
A-4, attached hereto.
(vii) The relevant parties shall have entered into
Non-Interference and Non-Disclosure Agreement(s) in form and substance
as set forth in Exhibit B, attached hereto, and the same shall be in
full force and effect.
(viii) The relevant parties shall have entered into the
Settlement Agreement in the form of Exhibit C, attached hereto.
-19-
(ix) The Parties shall have prepared and agreed upon a
Closing Statement setting forth the Prorations and other adjustments
to be made at the Closing and identifying the amount(s) of the
payment(s) to be made at Closing.
(x) All actions to be taken by the Buyer in connection
with consummation of the transactions contemplated hereby and all
certificates, opinions, instruments, and other documents required to
effect the transactions contemplated hereby shall be reasonably
satisfactory in form and substance to the Seller.
The Seller may waive any condition specified in this Section 7(b) if it
executes a writing so stating at or prior to the Closing.
8. INDEMNIFICATION.
(a) BY SELLER. The Seller shall defend, indemnify and hold the
Buyer harmless from, against and in respect of any and all Adverse Consequences
occurring or arising from: (a) any breach of representation, warranty or
covenant, or the nonfulfillment of any agreement on the part of the Seller
under this Agreement; and (b) any liability or obligation of the Seller arising
out of any event or circumstances occurring prior to the Closing Date which is
not specifically assumed by the Buyer.
(b) BY BUYER. The Buyer shall defend, indemnify and hold the
Seller harmless from, against and in respect of any and all Adverse
Consequences occurring or arising from: (a) any breach of representation,
warranty or covenant, or the nonfulfillment of any agreement on the part of the
Buyer under this Agreement; and (b) any liability or obligation of the Seller
arising from or related to the Assumed Liabilities.
(c) CLAIMS PROCEDURES. The Buyer or the Seller (as the case may
be) shall, within a reasonable time of receiving notice of a claim, give
written notice to the other Party of any claim for which indemnification is
sought under Sections 8(a) or 8(b). The indemnitor shall have the right to
contest, defend, or litigate any matter in respect of which indemnification is
claimed. Any delay in or failure to give notice of a claim for indemnification
shall not relieve the indemnitor's obligation, except to the extent that the
indemnitor can demonstrate prejudice by such delay or failure. The indemnitor
shall have the exclusive right to settle, either before or after the initiation
of litigation, any matter in respect of which indemnification is claimed;
however, prior to any such settlement, written notice of its intention to do so
shall be given to the other party. In the event the indemnitor fails promptly
to defend any such claim as provided in Sections 8(a) or 8(b), as the case may
be, the other Party may do so and shall then have the right, in its sole
discretion, exercised in good faith and upon the advice of counsel, to settle,
either before or after the initiation of litigation, any matter in respect of
which indemnification is claimed.
-20-
(d) OTHER REMEDIES. The foregoing indemnification provisions are
in addition to, and not in derogation of, any statutory, equitable, or common
law remedy any Party may have for breach of representation, warranty or
covenant.
9. [INTENTIONALLY OMITTED.]
10. MISCELLANEOUS.
(a) SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The
representations and warranties of the Seller contained in Sections 3(a)-(e),
(k), (v) and (y) of this Agreement, and the representations and warranties of
the Buyer contained in Sections 4(a)-(d) of this Agreement, shall survive the
Closing and remain in full force and effect forever thereafter subject only to
applicable statutes of limitations. The remaining representations and
warranties of the Parties contained in this Agreement shall survive the Closing
and remain in full force and effect for a period of two (2) years thereafter
(the "Survival Period"). No claim for breach of representation or warranty may
be asserted by either Party unless reasonable notice of the same is provided to
the other Party on or prior to the last day of the Survival Period. Further,
notwithstanding anything to the contrary contained herein, all of the other
promises, agreements and covenants made in this Agreement shall survive the
Closing and continue in full force and effect forever thereafter, subject to
any limitations set forth herein and any applicable statutes of limitations
provided by law.
(b) PRESS RELEASES AND PUBLIC ANNOUNCEMENTS. Any press releases
or other public announcements of this transaction, other than any filing
required by law, shall be first approved by the Parties.
(c) NO THIRD PARTY BENEFICIARIES. This Agreement shall not confer
any rights or remedies upon any Person other than the Parties and their
respective successors and permitted assigns.
(d) ENTIRE AGREEMENT. This Agreement (including the documents
referred to herein) constitutes the entire agreement between the Parties and
supersedes any prior understandings, agreements, or representations by or
between the Parties, written or oral, to the extent they are related in any way
to the subject matter hereof.
(e) SUCCESSION AND ASSIGNMENT. This Agreement shall be binding
upon and inure to the benefit of the Parties and their respective successors
and permitted assigns. No Party may assign either this Agreement or any of its
rights, interests or obligations hereunder without the prior written approval
of the other Party; provided, however, that the Buyer may assign any or all of
its rights, interests and obligations hereunder to a wholly-owned subsidiary of
the Buyer without the need for any further approval or consent from the Seller.
(f) COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument.
-21-
(g) HEADINGS. The section headings contained in this Agreement
are inserted for convenience only and shall not affect in any way the meaning
or interpretation of this Agreement.
(h) NOTICES. All notices, requests, demands, claims and other
communications hereunder will be in writing. Any notice, request, demand,
claim or other communication hereunder shall be deemed duly given if (and then
two business days after) it is sent by registered or certified mail, return
receipt requested, postage prepaid, and addressed to the intended recipient as
set forth below:
If to the Seller:
Paxson Communications Corporation
601 Clearwater Park Road
West Palm Beach, Florida 33401
Attn: William L. Watson
Fax: 561/655-9424
If to the Buyer: Copy to:
Universal Outdoor, Inc. Walter J. Starck, Esq.
Paul G. Simon Schwartz & Freeman
Brian T. Clingen 401 North Michigan Avenue
311 South Wacker Drive Suite 1900
Suite 6400 Chicago, Illinois 60611-4206
Chicago, Illinois 60606 Fax: 312/222-0818
Fax: 312/344-4171
Any Party may send any notice, request, demand, claim or other communication
hereunder to the intended recipient at the address set forth above using any
other means (including personal delivery, expedited courier, messenger service,
telecopy, telex, ordinary mail, or electronic mail), but no such notice,
request, demand, claim or other communication shall be deemed to have been duly
given unless and until it actually is received by the intended recipient. Any
Party may change the address to which notices, requests, demands, claims, and
other communications hereunder are to be delivered by giving the other Party
notice in the manner herein set forth.
(i) AMENDMENTS AND WAIVERS. No amendment of any provision of this
Agreement shall be valid unless the same shall be in writing and signed by the
Buyer and the Seller. No waiver by any Party of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, shall be deemed to extend to any prior or subsequent
default, misrepresentation, or breach of warranty or covenant hereunder or
affect in any way any rights arising by virtue of any prior or subsequent such
occurrence.
-22-
(j) SEVERABILITY. Any term or provision of this Agreement that is
invalid or unenforceable in any situation in any jurisdiction shall not affect
the validity or enforceability of the remaining terms and provisions hereof or
the validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction.
(k) EXPENSES. The Parties will bear their own costs and expenses
(including legal fees and expenses) incurred in connection with this Agreement
and the transactions contemplated hereby.
(l) CONSTRUCTION. The Parties have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties and no presumption or burden of proof
shall arise favoring or disfavoring any Party by virtue of the authorship of
any of the provisions of this Agreement. Any reference to any federal, state,
local, or foreign statute or law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise. The
word "including" shall mean including without limitation. Nothing in the
Disclosure Schedule shall be deemed adequate to disclose an exception to a
representation or warranty made herein unless the Disclosure Schedule
identifies the exception with reasonable particularity and describes the
relevant facts in reasonable detail. The Parties intend that each
representation, warranty, and covenant contained herein shall have independent
significance. If any Party has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another
representation, warranty, or covenant relating to the same subject matter
(regardless of the relative levels of specificity) which the Party has not
breached shall not detract from or mitigate the fact that the Party is in
breach of the first representation, warranty, or covenant.
(m) INCORPORATION OF EXHIBITS AND SCHEDULES. The Exhibits,
Schedules and Disclosure Schedule identified in this Agreement are incorporated
herein by reference and made a part hereof.
(n) SPECIFIC PERFORMANCE. Each of the Parties acknowledges and
agrees that the other Party would be damaged irreparably in the event any of
the provisions of this Agreement are not performed in accordance with their
specific terms or otherwise are breached. Accordingly, each of the Parties
agrees that the other Party shall be entitled to an injunction or injunctions
to prevent breaches of the provisions of this Agreement and to enforce
specifically this Agreement and the terms and provisions hereof in any action
instituted in any court of the United States or any state thereof having
jurisdiction over the Parties and the matter, in addition to any other remedy
to which it may be entitled, at law or in equity.
-23-
(o) BULK TRANSFER LAWS. The Buyer acknowledges that the Seller
will not comply with the provisions of any bulk transfer laws of any
jurisdiction in connection with the transactions contemplated by this
Agreement. The Seller accepts and assumes any and all liability and
responsibility for failure to comply with such laws and the Seller hereby
agrees to indemnify, defend and hold the Buyer harmless from all Adverse
Consequences arising from, related to, in the nature of or caused by such
failure.
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on
the date first above written.
UNIVERSAL OUTDOOR, INC.
By: /s/ Paul S.
----------------------------------------
Title: Vice President
-------------------------------------
PAXSON OUTDOOR ADVERTISING, INC.
By: /s/ William Watson
----------------------------------------
Title: Secretary
-------------------------------------
-24-
EXHIBIT A-1
BILL OF SALE
KNOW ALL MEN BY THESE PRESENTS, that Paxson Communications
Corporation, a Delaware corporation d/b/a Paxson Outdoor, Inc. ("Seller"),
pursuant to that certain Asset Purchase Agreement dated October ______, 1997
(the "Agreement'), for and in consideration of the sum of $10.00 and other
valuable consideration in hand paid by Universal Outdoor, Inc., an Illinois
corporation ("Buyer"), the receipt and sufficiency of which are hereby
acknowledged, does hereby grant, bargain, sell, transfer, assign and convey to
Buyer, its successors and assigns, the structures, light and electrical
fixtures, aprons, catwalks, panels and such other fixtures, appurtenances and
other personal property as now exists on all of the outdoor advertising
displays at the locations more fully described on Exhibit 1, attached hereto,
and the other assets and properties described on Exhibit 2, attached hereto, to
have and to hold the same forever.
Seller hereby incorporates all of the representations and warranties
made in the Agreement, subject to the terms, provisions and restrictions set
forth in the Agreement. Without limiting the generality of the foregoing,
Seller, for itself and its successors and assigns, does hereby represent,
covenant and agree to and with Buyer, and its successors and assigns that:
Seller is the lawful owner of all such goods, chattels and personal property,
and has full right, power and authority to sell the same; the same are free
from all liens, claims, charges, security interests and encumbrances; and
Seller will warrant and defend the sale of all such goods, chattels, and
personal property to Buyer, its successors and assigns, against all and every
person and persons whomever, lawfully claiming any rights, title or interest in
and to the same.
IN WITNESS WHEREOF, Seller has executed this Bill of Sale this
__________ day of October, 1997.
PAXSON COMMUNICATIONS CORPORATION D/B/A
PAXSON OUTDOOR, INC.
By:
--------------------------------
Its:
--------------------------------
EXHIBIT A-2
ASSIGNMENT AND ASSUMPTION OF LEASES
KNOW ALL MEN BY THESE PRESENTS, that Paxson Communications
Corporation, a Delaware corporation d/b/a Paxson Outdoor, Inc. ("Assignor"),
pursuant to the terms of that certain Asset Purchase Agreement dated October
_____, 1997 (the "Agreement"), for and in consideration of the sum of $10.00
and other good and valuable consideration in hand paid by Universal Outdoor,
Inc., an Illinois corporation ("Assignee"), the receipt and sufficiency of
which are hereby acknowledged, assigns, transfers, and conveys to Assignee, all
of Assignor's right, title and interest in and to all of the leases for the
locations listed on Exhibit A (the "Leases"). Assignor hereby incorporates all
of the representations and warranties made by it in the Agreement, subject to
the terms, provisions and restrictions set forth in the Agreement. Without
limiting the generality of the foregoing:
ASSIGNOR REPRESENTS AND WARRANTS that it owns, free and clear of all
liens, claims, charges, security interests and encumbrances, the interest set
forth in the Leases and that such Leases are freely assignable without the
consent of any other party.
TO HAVE AND TO HOLD the same unto Assignee, its successors and
assigns, with respect to each of the foregoing Leases for and during the
remainder of their respective terms, subject to the performance and observance
of any other covenants, conditions and stipulations set forth in those Leases.
By its acceptance of this assignment, Assignee assumes all of the obligations
of Assignor provided for under each Lease to the extent (and only to the
extent) such obligations arise subsequent to the Effective Date set forth in
the Agreement, subject to the terms, provisions and limitations set forth
therein.
IN WITNESS WHEREOF, Assignor has executed, and Assignee has accepted,
this Assignment, this _________ day of October 1997.
PAXSON COMMUNICATIONS CORPORATION D/B/A
PAXSON OUTDOOR, INC.
By:
-------------------------------
Its:
-------------------------------
ACCEPTED AND AGREED:
UNIVERSAL OUTDOOR, INC.
By:
-------------------------------------------
Its:
-------------------------------------------
EXHIBIT A-3
ASSIGNMENT AND ASSUMPTION OF ADVERTISING CONTRACTS
KNOW ALL MEN BY THESE PRESENTS, that Paxson Communications
Corporation, a Delaware corporation d/b/a Paxson Outdoor, Inc. ("Assignor"),
pursuant to the terms of that certain Asset Purchase Agreement dated October
________, 1997 (the "Agreement"), for and in consideration of the sum of $10.00
and other good and valuable consideration in hand paid by Universal Outdoor,
Inc. ("Assignee"), the receipt and sufficiency of which are hereby
acknowledged, assigns, transfers, and conveys to Assignee, all of Assignor's
right, title and interest in and to all of Assignor's advertising contracts for
each of the locations listed on Exhibit 1, attached hereto (the "Advertising
Contracts"). Assignor hereby incorporates all of the representations and
warranties made by it in the Agreement, subject to the terms, provisions and
restrictions set forth in the Agreement. Without limiting the generality of
the foregoing:
ASSIGNOR REPRESENTS AND WARRANTS that it owns, free and clear of all
liens, claims, charges, security interests and encumbrances, the interest set
forth in the attached Advertising Contracts and that such Advertising Contracts
are freely assignable without the consent of any other party.
TO HAVE AND TO HOLD the same unto Assignee, its successors and
assigns, with respect to each of the foregoing Advertising Contracts for and
during the remainder of their respective terms, subject to the performance and
observance of any other covenants, conditions and stipulations set forth in
those Advertising Contracts. By its acceptance of this assignment, Assignee
assumes all of the obligations of Assignor provided for under each Advertising
Contract to the extent (and only to the extent) such obligations arise
subsequent to the Effective Date set forth in the Agreement, subject to the
terms, provisions and limitations set forth therein.
IN WITNESS WHEREOF, Assignor has executed, and Assignee has accepted,
this assignment, this _________ day of October, 1997.
PAXSON COMMUNICATIONS CORPORATION D/B/A
PAXSON OUTDOOR, INC.
By:
------------------------------
Its:
------------------------------
ACCEPTED AND AGREED:
UNIVERSAL OUTDOOR, INC.
By:
-----------------------------
Its:
-----------------------------
EXHIBIT A-4
ASSIGNMENT AND ASSUMPTION OF PERMITS
KNOW ALL MEN BY THESE PRESENTS, that Paxson Communications
Corporation, a Delaware corporation d/b/a Paxson Outdoor, Inc. ("Assignor"),
pursuant to the terms of that certain Asset Purchase Agreement dated October
________, 1997 (the "Agreement"), for and in consideration of the sum of $10.00
and other good and valuable consideration in hand paid by UNIVERSAL OUTDOOR,
INC., an Illinois corporation ("Assignee"), the receipt and sufficiency of
which are hereby acknowledged, assigns, transfers, and conveys to Assignee, all
of Assignor's right, title and interest in and to the existing permits,
authorizations and governmental approvals for the locations listed on and
attached to Exhibit 1 attached hereto (the "Permits"). Assignor hereby
incorporates all of the representations and warranties made by it in the
Agreement, subject to the terms, provisions and restrictions set forth in the
Agreement. Without limiting the generality of the foregoing:
ASSIGNOR REPRESENTS AND WARRANTS that it owns the Permits free and
clear of all liens, claims, charges, security interests and encumbrances and
that such Permits are freely assignable without the consent of any other party.
TO HAVE AND TO HOLD the same unto Assignee, its successors and
assigns, with respect to each of the foregoing Permits for and during the
remainder of their respective terms, subject to the performance and observance
of any other covenants, conditions and stipulations set forth in those Permits.
By its acceptance of this assignment, Assignee assumes all of the obligations
of Assignor provided for under each Permit to the extent (and only to the
extent) such obligations arise subsequent to the Effective Date set forth in
the Agreement, subject to the terms, provisions and limitations set forth
therein.
IN WITNESS WHEREOF, Assignor has executed, and Assignee has accepted,
this assignment, this _________ day of October, 1997.
PAXSON COMMUNICATIONS CORPORATION D/B/A
PAXSON OUTDOOR, INC.
By:
-------------------------------
Its:
-------------------------------
ACCEPTED AND AGREED:
UNIVERSAL OUTDOOR, INC.
By:
------------------------------
Its:
------------------------------
EXHIBIT B
FORM OF NON-INTERFERENCE AND NON-DISCLOSURE AGREEMENT
See Attached.
NONINTERFERENCE AND NONDISCLOSURE AGREEMENT
THIS AGREEMENT is made and entered into as of this ____ day of
October, 1997, by and among Paxson Communications Corporation d/b/a Paxson
Outdoor, Inc. ("Seller"), John Jennings ("John"), Celua Jennings ("Celua"), and
Richard Smyer ("Richard"), on the one hand, and Universal Outdoor, Inc., an
Illinois corporation, on the other hand ("Buyer"). John, Celua, and Richard
are collectively referred to below as "Seller's Agents."
R E C I T A L S:
A. Seller is engaged, among other things, in the business of
outdoor advertising in the Tampa, Florida metropolitan area.
B. Seller's Agents have in the past provided assistance to Seller
with respect to identifying, securing, leasing, developing, maintaining and
operating sites for outdoor advertising structures in the Tampa, Florida market
area. Seller's Agents are, therefore, familiar with the assets and operations
of Seller in the Tampa, Florida market area.
C. Seller has entered into an Asset Purchase Agreement dated
October ____, 1997 with Buyer (the "Purchase Agreement") whereby Seller has
agreed to sell all of its outdoor advertising assets in the Tampa, Florida
metropolitan area to Buyer (the "Assets").
D. Seller will directly and indirectly benefit from the sale of
the Assets to Buyer pursuant to the Purchase Agreement. Buyer has conditioned
its purchase of the Assets upon Seller's delivery of this Noninterference and
Nondisclosure Agreement executed by the Seller and each of the Seller's Agents.
A G R E E M E N T S:
NOW, THEREFORE, in consideration of the purchase by Buyer of the
Assets from Seller, and the benefits inuring to Seller pursuant to thereto, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by Seller and Seller's Agents, the parties, on their
own behalf and on behalf of their respective Affiliates, agree as follows:
1. DEFINITIONS AND INTERPRETATION.
1.1 DEFINITIONS. In this Noninterference and Nondisclosure
Agreement (this "Agreement") the words and expressions defined below (unless
the context otherwise requires) shall have the following meanings:
(a) "AFFILIATE": of any Person is a Person that directly
or indirectly owns or controls, is directly or indirectly owned or
controlled by, or is directly or indirectly under common ownership or
control with, the Person specified.
(b) "PERSON": means an individual, a partnership, a
corporation, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, or a governmental entity (or
any department, agency or political subdivision thereof).
(c) "PAXSON PARTIES": means and includes Seller,
Seller's Agents and each and every one of their respective Affiliates.
(d) "TRADE SECRETS": any trade secrets relative to the
Assets purchased or liabilities assumed by Buyer pursuant to the
Purchase Agreement, and all other secret or confidential information
concerning such Assets received during the transactions contemplated
thereby, including but not limited to: Tampa area customer and lessor
lists and data relating thereto; Tampa area business and contractual
arrangements; Tampa area financial, pricing and marketing information;
and any other information which gives or is reasonably expected to
give Buyer an opportunity to obtain economic value or competitive
advantages over its competitors in the Tampa area who do not know of
or use such information. "Trade Secrets" shall also encompass any
confidential information of Buyer received by or acquired by Seller,
or any Affiliate, during the transactions described herein.
Notwithstanding anything to the contrary contained herein, the term
"Trade Secrets" shall not be deemed to include information in public
domain, information which shall in the future be received or acquired
by Seller or Seller's Agents from any third party(ies) other than
through a breach of this Agreement and information generally available
to the public other than as a result of any disclosure by Seller or
Seller's Agents.
1.2 OTHER CAPITALIZED TERMS. Unless otherwise defined, the
capitalized terms used in this Agreement shall have the same meanings as those
used in the Purchase Agreement.
1.3 PRONOUNS. Unless the context otherwise requires, words
importing the singular only shall include the plural and vice versa, words
importing the masculine only shall include the feminine gender or neuter and
words importing natural persons shall also include corporations, unincorporated
associations and partnerships.
2. RESTRICTIVE COVENANTS.
For and in consideration of Buyer's purchase of the Assets from
Seller, and for other good and valuable consideration, the receipt and
sufficiency of which are acknowledged and expressed, including but not limited
to the Covenant Payments set forth on Exhibit A, attached hereto, Seller and
Seller's Agents agree that:
-2-
2.1 NON-INTERFERENCE WITH SPECIFIC LOCATIONS. With regard to the
real property, personal property and intangible property rights (including but
not limited to the Leases, Contracts and Permits) to operate Displays at the
Locations, the Seller and Seller's Agents agree that setting a definite term to
protect the legitimate expectations of Buyer is difficult because of the
sensitivity of the Trade Secrets, the expected or anticipated long-term nature
of the Leases, Contracts and Permits being purchased and the ongoing
uncertainty of the duration of such arrangements. Therefore, it is the express
intention and agreement of the Seller and the Seller's Agents that the Paxson
Parties shall not compete for the Leases, Contracts and Permits being sold
hereunder (and any renewals of such Leases, Contracts or Permits), and shall
not otherwise interfere with Buyer's rights to operate the Displays at the
Locations for a term of twenty (20) years from the date of execution of this
Agreement. Seller and Seller's Agents agree that twenty (20) years is a
reasonable restriction on the Paxson Parties' competition for the particular
Leases, Contracts and Permits (and renewals thereof) relating to the Locations.
However, Seller and Seller's Agents specifically agree that a court may modify,
reduce or extend the term or the restrictions set forth herein to ensure the
broadest and fullest enforceability of this Agreement and to afford the Buyer
the full benefits of its use, enjoyment and operation of the Assets purchased
by Buyer from Seller. Nothing contained herein shall preclude Seller's Agents
from owning, operating or being employed by any company engaged in the outdoor
advertising business within the Tampa, Florida market so long as Seller's
Agents do not directly or indirectly participate or engage in, or assist others
with, any activity which is in violation of the spirit or terms of this
Agreement.
2.2 NON-DISCLOSURE OF TRADE SECRETS. For so long as the Trade
Secrets continue to be of value to Buyer, Seller and Seller's Agents agree that
the Paxson Parties will keep secret and maintain the secrecy of the Trade
Secrets and further agree that the Paxson Parties shall not disclose to any
third party the knowledge of or any details relating to the Trade Secrets or
use the Trade Secrets for any purpose, without the express written permission
of Buyer, except to the extent the Paxson Parties are required by any court
order to disclose such information, or are otherwise required by law to
disclose such information. Seller and Seller's Agents represent and warrant,
to the best of their knowledge, that all originals and copies of the Leases,
Permits and Contracts (and all notes, correspondence and other documents
related thereto) have been delivered to Buyer and that, to the best of their
knowledge, no originals or copies of the same have been retained by any of the
Paxson Parties.
2.3 CONSIDERATION TO SELLER'S AGENTS. Seller's Agents acknowledge
receipt from Seller of the consideration set forth on Exhibit A, attached
hereto in payment for their execution of this Agreement. Seller's Agents
hereby acknowledge that the same is sufficient consideration for the
restrictions set forth herein.
3. REMEDIES.
Seller and Seller's Agents agree that damages cannot adequately
compensate Buyer in the event of a violation of any of the above restrictive
covenants, and that injunctive relief shall be essential for the protection of
Buyer, its Affiliates, and their respective successors and assigns.
Accordingly, Seller and Seller's Agents agree and consent that, in the event of
a violation or
-3-
breach of any of said restrictive covenants, Buyer shall be entitled to obtain
injunctive relief against the Paxson Parties (or any one of them, as the case
may be), without bond, but upon due notice, in addition to such other relief as
may be available at law or in equity. Obtainment of such injunction by Buyer
shall not be considered an election of remedies or a waiver of any right to
assert any other remedies available at law or in equity. The restrictive
covenants contained herein shall be construed as agreements which are
independent of any other provisions of the Purchase Agreement or any other
understanding or agreement between the parties. The existence of any other
claim or cause of action of one or more of the Paxson Parties against Buyer
shall not constitute a defense to the enforcement by Buyer of the covenants set
forth herein in the particular jurisdiction in which such adjudication is made.
Further, to the extent any provision hereof is deemed unenforceable by virtue
of its scope in terms of territory, business activities or length of time, but
may be made enforceable by limitations thereon, Seller and Seller's Agents
agree that such reductions or limitations may be made so that the same shall be
enforceable to the fullest extent permissible under the laws and public
policies applied in each jurisdiction in which enforcement is sought. The
parties agree that in the event of any litigation arising from or pertaining to
this Agreement, the prevailing party shall be entitled to recover from the
non-prevailing party any and all reasonable attorneys' fees, costs and expenses
incurred by the prevailing party in enforcing or defending such party's rights
under this Agreement.
4. MISCELLANEOUS.
4.1 ASSIGNMENT. It is hereby agreed and declared that the benefit
of this Agreement shall be assignable by Buyer to and the covenants herein
contained may be enforceable by any parent, subsidiary or affiliate of Buyer
following the Closing. Additionally, in the event that Buyer shall sell all or
substantially all of the Assets, then Buyer may assign this Agreement to the
party(ies) to whom such Assets are sold. Given the unique nature of Seller's
and Seller's Agents' obligations hereunder, Seller and Seller's Agents may not
assign this Agreement or any portion hereof.
4.2 WAIVER. The waiver by Buyer hereof of a breach of any of the
covenants on the part of Seller or Seller's Agents herein contained shall not
prevent the subsequent enforcement of any such covenant (as to any aspect which
has not been so waived) and shall not be deemed a waiver of any subsequent
breach thereof. No waiver of any breach or violation hereof shall be implied
from forbearance or failure by Buyer to take action thereon.
4.3 COUNTERPARTS. This Agreement may be executed in two or more
counterparts all of which when taken together shall constitute one and the same
instrument.
4.4 PROCEDURES FOR NOTICES. Any notice or demand required or
permitted under this Agreement shall be given in the same manner provided for
in the Purchase Agreement, except that all notices to Seller's Agents shall be
sent to:
John Jennings
8202 Silver Mist Place
Newport Richey, Florida 34655
-4-
IN WITNESS WHEREOF, each of the parties hereto or their duly
authorized representatives have executed this Noninterference and Nondisclosure
Agreement, all as of the day and year first above written.
BUYER: SELLER:
UNIVERSAL OUTDOOR, INC. PAXSON COMMUNICATIONS
CORPORATION D/B/A PAXSON
OUTDOOR, INC.
By: By:
--------------------------- ---------------------------
Its: Its:
-------------------------- --------------------------
SELLER'S AGENTS:
------------------------------
John Jennings
------------------------------
Celua Jennings
------------------------------
Richard Smyer
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EXHIBIT A
COVENANT CONSIDERATION
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Name Amount
---- ------
John Jennings $200
Celua Jennings $200
Richard Smyer $200
EXHIBIT C
FORM OF SETTLEMENT AGREEMENT
See Attached.
SETTLEMENT AGREEMENT
THIS AGREEMENT made this ___________ day of October, 1997, between
UNIVERSAL OUTDOOR, INC. ("UNIVERSAL"), and PAXSON COMMUNICATIONS CORPORATION
AND PAXSON OUTDOOR, INC. (collectively, "Paxson").
WHEREAS, Universal is the plaintiff and Paxson is the defendant in
"Universal Outdoor, Inc. v. Paxson Communications Corporation, et al.", Case
No. CI 96-8914 in the Circuit Court of the Ninth Judicial Circuit, in and for
Orange County, Florida (the "Action"); and
WHEREAS, Universal and Paxson desire to amicably resolve and settle the
Action.
NOW, THEREFORE, in consideration of the mutual covenants and promises
contained herein and other valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, Universal and Paxson agree as follows:
1. Universal and Paxson shall file a joint stipulation and motion
through counsel to dismiss the Action with prejudice and to dissolve the notice
of lis pendens filed in the Action in the form attached hereto as Exhibit "A".
In connection with this dismissal, Universal and Paxson shall submit to the
court a final order of dismissal with prejudice in the form attached hereto as
Exhibit "B".
2. Universal and Paxson will each bear their own costs and attorneys'
fees incurred in the Action.
3. If the parties do not file the joint stipulation and motion within a
reasonable time of the execution of this Agreement, then the Action will be
dismissed with prejudice, each party to bear its own costs and attorneys' fees,
upon the motion of one party and the filing of a copy of this Agreement.
4. Universal hereby remises, releases, acquits, satisfies, and forever
discharges Paxson of and from any and all manner of action and actions, cause
and causes of action, suits, debts, dues, sums of money, accounts, reckonings,
bonds, bills, specialties, covenants, contracts, controversies, agreements,
promises, variances, trespasses, damages, judgments, executions, claims, and
demands whatsoever, at law or in equity, known or unknown, which Universal ever
had, now has, or which Universal or any successor or assign of Universal,
hereafter can, shall, or may have against Paxson for, by reason of, arising out
of, or connected with Paxson's acquisition of easements on the Anderson and
Bond parcels from Southern Land Investors, Ltd., any other subject matter that
was or could have been asserted in the Action, and the Action itself.
5. Paxson hereby remises, releases, acquits, satisfies, and forever
discharges Universal of and from any and all manner of action and actions,
cause and causes of action, suits, debts, dues, sums of money, accounts,
reckonings, bonds, bills, specialties, covenants, contracts, controversies,
agreements, promises, variances, trespasses, damages, judgments, executions,
claims, and demands whatsoever, at law or in equity, known or unknown, which
Paxson ever had, now has, or which Paxson or any successor or Universal for, by
reason of, arising out of, or connected with Paxson's acquisition or easements
on the Anderson and Bond parcels from Southern Land Investors, Lt., and other
subject matter that was or could have been asserted in the Action, and the
Action itself.
6. This Settlement Agreement is being entered into as part of the
transactions contemplated by the Asset Purchase Agreement of even date between
Universal and Paxson. The parties acknowledge and agree that nothing contained
herein shall be deemed to waive, release, discharge, or otherwise affect the
right and obligations of Universal and Paxson set forth in the Asset Purchase
Agreement and related agreements and instruments.
7. Two counterparts of this Agreement will be fully executed by the
parties hereto, any one of which standing alone shall be deemed an original with
the full force and effect of a fully executed original.
8. This Agreement may not be altered, modified, or amended except by a
writing executed by the parties hereto.
9. This Agreement shall be construed and enforced under the laws of
Florida.
IN WITNESS WHEREOF, Universal and Paxson have caused this Agreement to be
executed on their behalf on the day and year first above written.
Witnessed by:
------------------------------- UNIVERSAL OUTDOOR, INC.,
--------------------------(name) an Illinois corporation
By:
-----------------------------
-------------------------------- ------------------------(name)
--------------------------(name) -----------------------(title)
2
PAXSON COMMUNICATIONS
CORPORATION,
--------------------------- a Delaware corporation
---------------------(name)
By:
-------------------------------
--------------------------- -------------------------(name)
---------------------(name) ------------------------(title)
PAXSON OUTDOOR, INC.,
--------------------------- a Florida corporation
---------------------(name)
By:
-------------------------------
--------------------------- -------------------------(name)
---------------------(name) ------------------------(title)
STATE OF ILLINOIS
COUNTY OF __________
The foregoing instrument was acknowledged before me this ______
day of _____________________, 1997 by ______________________,
as ____________ of Universal Outdoor, Inc. He is personally known to
me or has produced ______________ as identification and did not take
an oath.
------------------------------------
------------------------(print name)
Notary Public - State of Florida
STATE OF FLORIDA
COUNTY OF _______________
The foregoing instrument was acknowledged before me this ______
day of _________________, 1997 by __________________, as ___________
of Paxson Communications Corporation. He is personally known to me
or has produced ___________________ as identification and did not take
an oath.
------------------------------
------------------(print name)
Notary Public-State of Florida
3
STATE OF FLORIDA
COUNTY OF ___________
The foregoing instrument was acknowledged before me this _____________
day of _________________, 1997 by __________________, as __________________
of Paxson Outdoor, Inc. He is personally known to me or has produced ______
______________ as identification and did not take an oath.
------------------------------
------------------(print name)
Notary Public-State of Florida
4
IN THE CIRCUIT COURT OF THE
NINTH JUDICIAL CIRCUIT, IN AND
FOR ORANGE COUNTY, FLORIDA
CASE NO. CI 96-8914
UNIVERSAL OUTDOOR, INC., an
Illinois corporation,
Plaintiff,
vs.
PAXSON COMMUNICATIONS CORPORATION,
a Delaware corporation, and PAXSON
OUTDOOR, INC., A Florida corporation,
Defendants.
__________________________________/
JOINT STIPULATION AND MOTION FOR DISMISSAL WITH PREJUDICE
Plaintiff, UNIVERSAL OUTDOOR, INC., and Defendants, PAXSON COMMUNICATIONS
CORPORATION and PAXSON OUTDOOR, INC., jointly stipulate and move for entry of an
order dismissing the captioned action with prejudice, each party to bear its
own costs and attorneys' fees, and dissolving the notice of lis pendens filed
herein and as grounds therefore Plaintiff and Defendants would show that they
have resolved the dispute among them.
DATED this _______ day of October, 1997.
--------------------------------- -----------------------------------
Richard F. Wall, Esq. Brian A. McDowell, Esq.
Fla. Bar No. 349518 Fla. Bar No. 765521
HARTLEY & WALL HOLLAND & KNIGHT LLP
Suite 2810, SunTrust Center 200 South Orange Avenue
200 S. Orange Avenue Suite 2600
Post Office Box 2168 Post Office Box 1526
Orlando, Florida 32802 Orlando, FL 32802
407/422-7992 407/425-8500
Counsel for Plaintiff Counsel for Defendants
EXHIBIT "A"
IN THE CIRCUIT COURT OF THE
NINTH JUDICIAL CIRCUIT, IN AND
FOR ORANGE COUNTY, FLORIDA
CASE NO. CI 96-8914
UNIVERSAL OUTDOOR, INC., an
Illinois corporation
Plaintiff,
vs.
PAXSON COMMUNICATION CORPORATION
a Delaware corporation, and PAXSON
OUTDOOR, INC., a Florida corporation,
Defendants.
______________________________________/
FINAL ORDER OF DISMISSAL WITH PREJUDICE
THIS CAUSE came before the Court on the _________ day of October, 1997, on
the Joint Stipulation And Motion For Dismissal With Prejudice Of Plaintiff,
UNIVERSAL OUTDOOR, INC., and Defendants, PAXSON COMMUNICATION CORPORATION and
PAXSON OUTDOOR, INC., and the Court being fully advised in the premises and
finding that Plaintiff and Defendants have settled, it is herewith
ORDERED AND ADJUDGED, that:
1. The captioned action is dismissed with prejudice, Plaintiff takes
nothing by this action, and Defendants shall go hence without day.
2. The notice of lis pendens filed herein and recorded on June 9, 1997,
in Official Records Book 5269, page 3719, of the public records of Orange
County, Florida, regarding the following described real property located in
Orange County, Florida, is dissolved:
EXHIBIT "B"
That part of Section 8, Township 23 South, Range 29 East, Orange County,
Florida, described as follows:
Commence at the Southeast corner of Section 8, Township 23 South, Range 29
East, and run 89 degrees 43 feet 15 inches W along the South line of the
Southeast 1/4 of said Section 8 for a distance of 326.02 feet; thence run N
00 degree 24 feet 40 inches E along the West line of the East 1/4 of the
Southeast 1/4 of the Southeast 1/4 of said Section 8 for a distance of 33.00
feet; thence run N 89 degrees 43 feet 15 inches W parallel with and 33.00 feet
Northerly of the South line of said Southeast 1/4 for a distance of 1672.67
feet to the Easterly Right-of-Way line of Interstate 4; thence run N 38 degrees
26 feet 05 inches E along said Right-of-Way line for a distance of 330.39 feet;
thence run S 51 degrees 33 feet 55 inches E for a distance of 26.00 feet to the
POINT OF BEGINNING; thence continue S 51 degrees 33 feet 55 inches E for a
distance of 10.00 feet; thence run N 38 degrees 26 feet 05 inches E for a
distance of 10.00 feet; thence run N 51 degrees 33 feet 55 inches W for a
distance of 10.00 feet; thence run S 38 degrees 26 feet 05 inches W for a
distance of 10.00 feet to the POINT OF BEGINNING.
and
That part of Section 8, Township 23 South, Range 29 East, Orange County,
Florida, described as follows:
Commence at the Southeast corner of Section 8, Township 23 South, Range 29
East, and run N 89 degrees 43 feet 15 inches W along the South line of the
Southeast 1/4 of said Section 8 for a distance of 326.02 feet; thence run N 00
degrees 24 feet 40 inches E along the West line of the East 1/4 of the
Southeast 1/4 of the Southeast 1/4 of said Section 8 for a distance of 33.00
feet; thence run N 89 degrees 43 feet 15 inches W parallel with and 33.00 feet
Northerly of the South line of said Southeast 1/4 for a distance of 1672.67
feet to the Easterly Right-of-Way line of Interstate 4; thence run N 38 degrees
26 feet 05 inches E along said Right-of-Way line for a distance of 1830.39
feet; thence run S 51 degrees 33 feet 55 inches E for a distance of 26.00 feet
to the POINT OF BEGINNING; thence continue S 51 degrees 33 feet 55 inches E
for a distance of 10.00 feet; thence run N 51 degrees 33 feet 55 inches E for a
distance of 10.00 feet; thence run S 38 degrees 26 feet 05 inches E for a
distance of 10.00 feet; thence run N 51 degrees 33 feet 55 inches W for a
distance of 10.00 feet; thence run S 38 degrees 26 feet 05 inches W for a
distance of 10.00 feet to the POINT OF BEGINNING.
and
That part of Section 9, Township 23 South, Range 29 East, Orange County,
Florida, described as follows:
Commence at the Southeast corner of Section 8, Township 23 South, Range 29
East, and run N 89 degrees 43 feet 15 inches W along the South line of the
Southeast 1/4 of said Section 8 for a
2
distance of 326.02 feet; thence run 00 degrees 24 feet 40 inches E
along the West line of the East 1/4 the Southeast 1/4 of the
Southeast 1/4 of said Section 8 for a distance of 33.00 feet; thence
run N 89 degrees 43 feet 15 inches W parallel with and 33.00 feet
Northerly of the South line of said Southeast 1/4 for a distance of
1672.67 feet to the Easterly Right-of-Way line of Interstate 4;
thence run N 38 degrees 26 feet 05 inches E along said Right-of-way
line for a distance of 3330.25 feet; thence run S 51 degrees 33 feet
55 inches E for a distance of 26.00 feet to the POINT OF BEGINNING;
thence continue S 51 degrees 33 feet 55 inches E for a distance of
10.00 feet; thence run N 38 degrees 26 feet 05 inches E for a
distance of 10.00 feet; thence run S 38 degrees 26 feet 05 inches W
for a distance of 10.00 feet to the POINT OF BEGINNING.
3. Plaintiff and Defendants shall each bear their own costs and
attorneys' fees.
DONE AND ORDERED in Chambers at Orlando, Orange County, Florida, this
____ day of October, 1997.
----------------------------------
W. ROGERS TURNER
Circuit Judge
I HEREBY CERTIFY that a true and correct copy of the foregoing has
been furnished by U.S. Mail on this ____ day of October, 1997 to RICHARD F.
WALL, ESQ., Post Office Box 2168, Orlando, FL 32802; and BRIAN A. McDOWELL,
ESQ., Post Office Box 1526, Orlando, FL 32802.
----------------------------------
Judicial Assistant/Attorney
3
SCHEDULE 1(I) - CONTRACTS
See Attached.
September 25, 1997
--------------------------------------------------------------------------------
ADVERTISERS - BILLBOARDS
TAMPA MARKET
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BB# LOCATION CITY SIZE LIT BB ADVERTISER TERM EXP/DATE MONTHLY A/E/P COMMENTS RATE
COUNTY Y/N FACE RATE CARD
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T-1 S/S Park Blvd. (7290), Pinellas 10.5'x36' Y A Badcock Furniture 12 Mos. 05-14-98 $520.00 $850.00
.1 of a mile W of Park B Mike Kashtan' 12 Mos. 07-15-98 $580.00 $850.00
Belcher Rd., Facing E/W Pinellas Superior Auto Sales
T-2 E/S Clearwater-Largo Clearwater 10.5'x36' Y A Available $550.00
Rd. (1699), 1.5 M/N of Pinellas B Tampa Gas Inc. 12 Mos. 05-21-98 $450.00 $550.00
W. Bay Dr., Facing N/S
T-3 E/S Park St. (5001), St. Petersburg 10.5'x36' Y A Robert Ohle/EM 12 Mos. 03-31-98 $475.00 $600.00
.5 of a M/N of Tyrone Pinellas Wells, Esq.
Blvd., Facing N/S B Steak N' Shake 12 Mos. 03-31-98 $500.00 $600.00
T-4 W/S 66th St. N (11980), St. Petersburg 10.5'x36' Y A McDonald's 12 Mos. 02-28-98 $437.75 $700.00
1 M/S of Ulmerton Rd., Pinellas (Juan lllas)
Facing N/S B Sonny's Real 12 Mos. 05-31-98 $468.00 $700.00
Pit B-Q
T-5 N/S Walsingham Rd. Largo 10'x30' Y A Stakeout Grill- 12 Mos. 12-31-97 $570.00 $700.00
(14461), .3 of a M/W of Pinellas Guppy's Restaurant
Indian Rocks Rd., B Denny's 36 Mos. 12-31-98 $428.00 INC. 1-1-98: $700.00
Facing E/W 3@$458
T-6 E/S Clearwater-Largo Largo 10'x30' Y A Available $550.00
Rd. (904), .5 of a M/N Pinellas B Largo Mall
of W. Bay Dr., Facing (Davis Adv.) 12 Mos. 02-05-98 $297.50 $550.00
N/S
T-7 S/S E. Bay Dr. (1995), Largo 10'x30' Y A Available $650.00
.2 of a M/W of Starkey Pinellas B Golf Terrace 24 Mos. 05-15-99 $459.00 Eff. 5-15-98: $650.00
Rd., Facing E/W Apartments $468.18
T-8 S/S Sunset Point Rd. Clearwater 10.5'x36 Y A Available $700.00
(1947), .2 of a M/W of Pinellas B Available $700.00
Hercules Rd., Facing
E/W
T-9 E/S Alt. US 19 (1743), Tarpon Springs 10.5'x36' Y A Morgan, Colling 12 Mos. 05-23-98 $550.00 $650.00
.4 of a M/N of Pinellas & Gilbert
Klosterman Rd., Facing B Celebrities 12 Mos. 09-06-98 $400.00 JL $650.00
N/S
T-10 N/S of SR 52 (10601), Hudson 14'x48' Y A A.R. Mander, 12 Mos. 10-09-97 $600.00 $700.00
.6 of a M/E of Hick Pasco Attorney $700.00
Rd., Facing E/W B Available
T-11 W/S Clearwater/Largo Largo 10'x30' Y A Available $550.00
Rd. (101), .1 of a M/N Pinellas B Available $550.00
of W. Bay Dr., Facing
N/S
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BB# LOCATION CITY SIZE LIT BB ADVERTISER TERM EXP/DATE MONTHLY A/E COMMENTS RATE
COUNTY Y/N FACE RATE /P CARD
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T-12 S/S W. Bay D. (2261), Largo 10'x30' Y B Lauren Bower-Platte 12 Mos. 11-04-98 $ 425.00 $ 700.00
1 M/W of Clearwater- Pinellas (Re-Max Realtor)
Largo Rd., Facing E/W
T-13 N/S SR 54, .1 of a M/W Land 'O' 10.5'x36' Y A Wall to Wall Paper 24 Mos. 12-31-97 $ 300.00 1-1-98: $ 600.00
of Collier Parkway, Lakes B Lynn Smith- 12 Mos. 02-19-98 $ 428.00 Wendy's 12 $ 600.00
Facing E/W Pasco The Prudential @600.10 Net
T-14 N/S SR 54, .3 of a M/W Land 'O' 10.5'x36' Y A Mobile One-G.T.E. 12 Mos. 06-30-98 $ 530.00 $ 700.00
of Collier Parkway, Lakes B Lennar Homes 12 Mos. 08-31-98 $ 550.00 $ 700.00
Facing E/W Pasco
T-15 E/S Land 'O' Lakes Land 'O' 14'x48' Y A The Preserve at 12 Mos. 07-22-98 $ 400.00 $ 600.00
Blvd. (5400), 3 M/N of Lakes Lake Thomas
SR 54, Facing N/S Pasco B Available $ 600.00
T-16 E/S Land '0' Lakes Land 'O' 10.5'x36' Y A Caldwell Banker 12 Mos. 07-31-98 $ 350.00 $ 600.00
Blvd. (2914), US 41, Lakes Advantage
.5 M/N of SR 54, Pasco B Cole Henderson
Facing N/S Drake 12 Mos. 08-09-98 $ 450.00 $ 600.00
T-17 E/S Land 'O' Lakes Land 'O' 10.5'x36' Y A Debra Kubicsek, 12 Mos. 04-09-98 $ 420.00 $ 600.00
Blvd. (5710), 3.3 M/N Lakes Atty. at Law
of SR 54, Facing N/S Pasco B Available $ 600.00
T-18 E/S Cortez Blvd. Brooksville 10.5'x36' Y A Available $ 500.00
(18845), .4 of a M/S of Hernando B Cole Henderson
SR 50, Facing N/S Drake-Wendys 12 Mos. 12-31-97 $ 357.00 $ 500.00
T-19 E/S US Hwy. 19, 10.2 Unicorp 10.5'x36' Y A Available
M/N of SR 50 at Kelso Hernando B American Homes 12 Mos. TBP $ 375.00 P $ 500.00
Rd., Facing N/S
T-20 E/S US Hwy. 19 S. Clearwater 14'x48' Y A Tri-Country RV 12 Mos. TBP $1,000.00 P $1,300.00
(10815), .6 of a M/S Pinellas Sales
of 110th Ave., Facing B Bob's Carpet Mart MTM $ 700.00 $1,300.00
N/S
T-21 S/S E. Bay Dr. (2805), Largo 10'x30' Y A Available $100.00 $ 700.00
.3 of a M/E of Starkey Pinellas B Stampede Dance 12 Mos. 01-31-98 $350.00 $ 700.00
Rd., Facing E/W Hall & Saloon Inc. $ 850.00
T-22 N/S E. Bay Dr. (5200), Largo 10'x30' Y A Stakeout Grill- 12 Mos. 12-31-97 $570.00 $ 850.00
.2 of a M/W of US Hwy. Pinellas Guppy's Restaurant
19, Facing E/W B Computer Express 06 Mos. 10-09-98 $500.00 $ 850.00
T-23 N/S E. Bay Dr. (1198), Largo 10'x30' Y A Associates Field 12 Mos. 07-15-98 $400.00 $ 700.00
W of Highland Ave. Pinellas Services
Facing N/S B Available $ 700.00
T-24 E/S of US Hwy 19 S. Clearwater 14'x48' Y A Builder's Square 12 Mos. 07-01-98 $800.00 $1,300.00
(10925), at 110th Ave. Pinellas B Days Inn Gateway 12 Mos. 04-17-98 $840.00 $1,300.00
Facing N/S
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BB# LOCATION CITY SIZE LIT BB ADVERTISER TERM EXP/DATE MONTHLY A/E COMMENTS RATE
COUNTY Y/N FACE RATE /p CARD
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T-25 W/S 34th St. (4550), St. 14'x48' Y A Angels Painting 24 Mos. 04-21-99 $800.00 Eff.3-98: $1,300.00
.6 of a M/N of 38th Petersburg B Badcock Furniture 12 Mos. 03-24-98 $800.00 2@$850 $1,300.00
Ave. N., Facing N/S Pinellas Inc.
T-26 W/S of 34th St. N. Pinellas 14'x48' Y A Animal House 12 Mos. 08-25-98 $900.00 $1,300.00
(6190), US Hwy. 19, at Park B Badcock Furniture 12 Mos. 03-24-98 $800.00 $1,300.00
62nd Ave., Facing N/S Pinellas Inc.
T-27 W/S Madison Ave. New Port 10.5'x36' Y A Dr. Clifford 12 Mos. 01-31-98 $400.00 $ 500.00
(4051), 300'N of SR 54 Richey Peters, Chriopractor
Facing N/S Pasco B Trinity 12 Mos. 10-24-97 $500.00 $ 500.00
Memorial Gardens
T-28 E/S US Hwy. 19 N. New Port 10'x20' Y A NAPA Auto Parts 60 Mos. 05-14-2001 $300.00 60 Mos.Paid $ 500.00
(7404), .1 of a M/S Richey B NAPA Auto Parts 60 Mos. 05-14-2001 $300.00 Ann. in
of Port Richey Bridge, Pasco Advance
Facing N/S 60 Mos.Paid $ 500.00
Ann. in
Advance
T-29 S/S of SR 54 (5226), New Port 14'x48' Y A Available $ 700.00
.6 of a M/E of US Hwy. Richey B Best Western 24 Mos. 06-30-99 $540.00 $ 700.00
19, Facing E/W Pasco Co. Tahitian
T-30 W/S of Land '0' Lakes Land 'O' 10.5'x36' Y A The Preserve at Lake 12 Mos. 07-24-98 $350.00 $ 500.00
Blvd. (6105), 3.7 M/N Lakes Thomas
of SR 54, Facing N/S Pasco B A.R. Mander,
Attorney 12 Mos. 10-09-97 $500.00 $ 500.00
T-31 E/S US Hwy. 19 (16642) Aripeka 14'x48' Y A Brewmasters, Inc. 24 Mos. 05-14-99 $408.00 Eff.5-14-98 $ 700.00
5.4 M/N of SR 52 Pasco B N.G. Development 12 Mos. 01-09-98 $425.00 2@$416 $ 700.00
Facing N/S
T-32 S/S Cortez Blvd. Brooksville 10.5'x36' Y A Available $ 600.00
(15430), 6.3 M/E of Hernando B Jim Quinlan Ford 12 Mos. 11-30-97 $400.00 $ 600.00
US Hwy. 19, Facing E/W
T-33 N/S Cortez Blvd. Brooksville 10.5'x36' Y A Topics RV Community 12 Mos. 04-30-98 $450.00 $ 550.00
(28363), 1.8 M/W of Hernando B Available $ 550.00
I-75 Facing E/W
T-34 E/S S. Missouri Ave. Clearwater 14'x48' Y A Available $ 700.00
(1535), .2 of a M/N Pinellas B Stacey's Buffet 12 Mos. 12-31-97 $500.00 $ 700.00
of Belleair Rd., Facing
N/S
T-35 E/S S. Missouri Ave. Clearwater 14'x48' Y A Bay Area Prosthetics 12 Mos. 02-28-98 $450.00 $ 700.00
(1477), .4 of a M/N Pinellas B Pac & Send, Inc. 12 Mos. 04-30-98 $420.00 $ 700.00
of Belleair Rd., Facing
N/S
T-36 W/S Clearwater-Largo Largo 12'x25' Y A Available $ 450.00
Rd. (1509), 1 M/N of Pinellas B Available $ 450.00
Belleair Rd., Facing
N/S
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BB# LOCATION CITY SIZE LIT BB ADVERTISER TERM EXP/DATE MONTHLY A/E/P COMMENTS RATE
COUNTY Y/N FACE RATE CARD
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T-37 N/S Walsingham Rd. Largo 10'x30' y A Pueblo Village 12 Mos. 01-31-98 $ 475.00 $ 600.00
(14385), .3 of a M/W of Pinellas B Available $ 600.00
Indian Rocks Rd.,
Facing E/W
T-38 S/S E. Bay Dr. (5105), Largo 10'x30' Y A Available $ 700.00
.3 of a M/W of US Hwy. Pinellas B-1 Available $ 700.00
19, Facing E/W B-2 Adoptions by Choice 06 Mos. 10-27-97 $ 300.00 $ 700.00
B-3 Available $ 700.00
T-39 N/S W. Bay Dr. (1400), Largo 10'x30' Y A Stakeout Grill - 12 Mos. 12-31-97 $ 420.00 $ 500.00
.5 of a M/W of Guppy's Restaurant
Clearwater-Lago Rd., Pinellas B Morgan, Colling & 12 Mos. 05-22-98 $ 400.00 $ 500.00
Facing E/W Gilbert.
T-40 E/S Gall Blvd. (7010), Zephyrhills 10.5'x36' Y A East Pasco Medical 12 Mos. 10-17-98 $ 750.00 $ 500.00
3 M/N of SR 54 (Gulf Center
Station), Facing N/S Pasco B FL Eyecare & 12 Mos. 09-30-98 $ 420.00 $ 500.00
Cataract Center
T-41 N/S of SR 52, 2.9 M/E Hudson 14'x48' Y A Sun Toyota 12 Mos. 12-14-97 $ 476.00 $ 600.00
of US Hwy. 19 Facing Pasco B Available $ 600.00
E/W
T-42 S/S of Walsingham Rd. Largo 10'x30' Y A Pizza Shack 12 Mos. 12-14-97 $ 600.00 $ 800.00
(14530), .3 of a M/W "Ristone"
of Indian Rocks Rd., Pinellas B DMA Marketing 60 Mos. 12-12-98 $1,000.00 Trivision $ 800.00
Facing E/W will be
owned at
Expiration
T-43 S/S of Walsingham Rd. Largo 10'x30' Y A Largo Mall, Inc. 12 Mos. 02-05-98 $ 556,75 $ 600.00
(14590), .3 of a M/W Pinellas B Captain's Table 12 Mos. 04-16-98 $ 550.00 $ 600.00
of Indian Rocks Rd.,
Facing E/W
T-44 W/S 4th St. N. (5590), St. 10'x30' Y A Placido Bayou 12 Mos. 11-03-97 $ 750.00 $ 700.00
.2 of a M/N of 54th Petersburg
Ave., Facing N/S Pinellas B Kissin Cuzzins 12 Mos. 01-31-98 $ 600.00 $ 700.00
T-45 E/S of 66th St. N. St.
(4801), N of 48th Ave. Petersburg 10.6'x36' Y A Clearwater Plumbing 12 Mos. 09-17-98 $ 550.00 Eff.7-30- $ 650.00
N. Facing N/S Pinellas B Available or sooner$ 650.00
T-46 E/S of US Hwy. 19 N. New Port
(4218), .3 of a M/N Richey 10.6'x36' Y A Harbor Behavorial 12 Mos. 12-31-97 $ 580.00 Cancel $ 700.00
of SR 54, Facing N/S Pasco B U.S. Homes
Corporation 12 Mos. TBP $ 595.00 $ 700.00
T-47 S/S of SR 580 (2321), Dunedin 14'x48' Y A Kissin's Cuzzins 12 Mos. 03-16-98 $ 840.00 $1,100.00
.3 of a M/W of US Hwy. Pinellas B Ryland Homes 12 Mos. 03-14-98 $1.200.00 $1,100.00
19, Facing E/W
T-48 W/S of US Hwy. 19 N. Tarpon 12'x42' Y A Happy Feet Plus 12 Mos. 11-10-97 $ 750.00 $ 900.00
(39310), .4 of a M/N Spring
of Klosterman Rd., Pinellas B Happy Feet Plus 12 Mos. 11-10-97 $ 750.00 $ 900.00
Facing N/S
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BB# LOCATION CITY SIZE LIT BB ADVERTISER TERM EXP/DATE MONTHLY A/E/P COMMENTS RATE
COUNTY Y/N FACE RATE CARD
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T-49 W/S of 66th St. at St. 10'x28' Y A 66th St. Texaco 12 Mos. 03-09-98 $ 300.00 Eff.6-11-98: $ 500.00
Bryan Dairy Rd. Peterburg Food Mart 2@$383.25
Facing N/S Pinellas B Xero Cost Copier 24 Mos. 06-11-99 $ 350.00 $ 500.00
Center
T-50 S/S Bay Pines Blvd. St. 10'x36' Y A Cody's Original 12 Mos. 03-31-98 $ 475.00 $ 500.00
(8330), .3 of a M/W of Peterburg Road House
Park St., Facing E/W Pinellas B The Sports Bar & 12 Mos. 05-31-98 $ 412.00 $ 500.00
Grill
T-51 E/S US Hwy. 19 S. Clearwater 10'x28' Y A-T Volvo Village 12 Mos. 12-31-98 $ 460.00 $ 500.00
(12737), .5 of M/S of Pinellas A-L Ramada Limited 12 Mos. TBP $ 475.00 $ 600.00
Ulmerton Rd. @ 126th B-T Available $ 600.00
Ave. N., Facing N/S B-L Adoptions by 06 Mos. 10-27-97 $ 300.00 $ 600.00
Choice
T-52 W/S Seminole Blvd. Seminole 10'x40' Y A Clearwater 12 Mos. 09-17-98 $ 400.00 Eff.7-30 or $ 500.00
(10998), at 110th Ave. Plumbing Sooner
N., Facing N/S Pinellas B Morgan Colling 12 Mos. 05-22-98 $ 400.00 $ 500.00
Gillbert
T-53 W/S of 49th St. N. Clearwater 10'x28' Y A Rally Stores 12 Mos. 01-14-98 $ 456.00 $ 500.00
(12650), .4 of a M/S of Pinellas B Cole Henderson 12 Mos. 01-31-98 $ 420.00 $ 500.00
Ulmerton Rd., Facing Drake-Wendys
N/S 5'x15' Y C Gas Tech 12 Mos. 02-28-98 $ 150.00 N/A
T-54 W/S of 66th St. N. Clearwater 14'x48' Y A Available $1,000.00
(14444), .6 of a M/N of Pinellas B Florida Gators 03 Mos. 09-15-97 $ 650.00 $1,000.00
Ulmerton Rd., Facing
N/S
T-55 S/S of SR 52 (18950), Date City 10.5'x36'Y A DeWitt Advertising 07 Mos. MTM $1,000.00 $ 600.00
.1 of a M/E of US 41 (Lottery)
Facing E/W Pasco B Jim Ouinlan Ford 12 Mos. 01-31-98 $ 420.00 $ 600.00
T-56 W/S of US 41 (50th Tampa 10.5'x36'Y A Tampa Dist. Ctr. & 12 Mos. 09-05-98 $ 722.50 $1,100.00
St.), .5 of a M/N of Ctr. Point Bus.
Crosstown Expressway, Park
Facing N/S Hillsbor- B Tampa Dist. Ctr. & 12 Mos. 09-05-98 $ 722.50 $1,100.00
ough Ctr. Point Bus.
Park
TB-57 W/S of US 301, 2 M/N of Dade City 12'x25' Y AT Available $ 450.00
SR 52 Facing N/S Pasco AB Available $ 450.00
(16031 US 301) BT Available $ 450.00
BB Available $ 450.00
TB-58 E/S of US 301, 50'N of Dade City 12'x25' Y A AR Mander, 12 Mos. 10-09-97 $ 400.00 $ 600.00
Morningside Dr. Facing Attorney
N/S (1720 US 301) Pasco B Dade City 12 Mos. 08-15-98 $ 412.36 $ 600.00
Hospital
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BB# LOCATION CITY SIZE LIT BB ADVERTISER TERM EXP/DATE MONTHLY A/E/P COMMENTS RATE
COUNTY Y/N FACE RATE CARD
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TB-59 W/S of US 301, .1 of a Date City 12'x25' Y AT Dade City Hospital 12 Mos. 08-15-98 $ 283.66 $ 450.00
M/S of US 98 Facing Pasco AB Oliver Roberts 12 Mos. 09-04-98 $ 275.00 Eff. 9-1: $ 450.00
N/S (11131 Hwy. 301) Oliver
Roberts
12@$275
BT Dade City Hospital 12 Mos. 08-15-98 $ 283.66 $ 450.00
BB Oliver Roberts 07-17-98 $ 275.00 $ 450.00
TB-60 W/S of US 301, .3 of a Date City 12'x25' Y AT Edwinola Retirement 12 Mos. 10-24-97 $ 300.00 $ 450.00
M/S of US 98 Pasco AB Beef O' Brady's 12 Mos. 06-30-98 $ 289.00 $ 450.00
(11131 Hwy. 301) BT Peterson Insurance 12 Mos. 03-31-08 $ 288.00 $ 450.00
Agency
BB Golden Corral 12 Mos. TBP $ 400.00 JL $ 450.00
TB-61 S/S of SR 54, 100'E of Zephyrhills 12'x25' Y AT Oliver W. Roberts 12 Mos. 07-31-98 $ 210.00 $ 450.00
Allen Rd. Facing E/W Pasco AB Happy Day's R.V. 12 Mos. 11-18-97 $ 300.00 $ 450.00
Park
BT Oliver W. Roberts 12 Mos. 07-31-98 $ 315.00 $ 450.00
BB Available $ 450.00
TB-62 N/S of SR 54, 1 M/W of New Port 12'x25' Y AT Available $ 450.00
Seven Springs Blvd. Richey AB Little Europa 12 Mos. TBP $ 350.00 P $ 450.00
(just W of Thys Rd.) Pasco BT Available $ 450.00
Facing E/W BB Dr.Clifford Peters, 12 Mos. 01-31-98 $ 375.00 $ 450.00
Chiropractor
TB-63 N/S of SR 54, .4 of a Land 'O' 12'x25' Y AT All Fabrics 12 Mos. 03-09-98 $ 275.00 $ 450.00
M/E of US 41 at Raden Lakes Cleaners
Rd., Facing E/W Pasco AB Stevens Pools 12 Mos. 07-31-98 $ 275.00 $ 450.00
BT Nugent Homes 12 Mos. 09-04-98 $ 400.00 $ 450.00
BB Stevens Pools 12 Mos. 07-31-98 $ 275.00 $ 450.00
TB-64 N/S of SR 52, .3 of a 10.6'x36' Y A Texaco/Blimpie's 12 Mos. 12-31-97 $ 400.00 $ 750.00
M/E of I-75 Facing E/W Pasco B Available $ 750.00
TB-65 S/S of SR 50, .4 of a Brooksvill 10.6'x36 Y A Available $ 600.00
M/W of I-75 Facing E/W Hernando B Remington Ourpost 12 Mos. TBP $ 400.00 P $ 500.00
(30220 E. Cortez Blvd.)
TB-66 S/S of SR 50, at Brooksvill 10.6'x36 Y A Jim Ouinlan 12 Mos. 04-30-98 $ 610.00 $ 700.00
Junction of CR 570 and Hernando B Jim Ouinlan 12 Mos. 04-30-98 $ 610.00 $ 700.00
SR 50, Facing E/W
(15250 Cortez Blvd.)
TB-67 W/S of Dale Mabry, .2 Lutz 10.6'x36 Y A Available $ 700.00
M/S of US 41 Facing N/S Pasco B Available $ 700.00
(1635 Dale Mabry)
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BB# LOCATION CITY SIZE LIT BB ADVERTISER TERM EXP/DATE MONTHLY A/E/P COMMENTS RATE
COUNTY Y/N FACE RATE CARD
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TB-68 W/S of US Hwy. 19, 10'6x36' Y A Tri County RV Sales 12 Mos. TBP $ 500.00 JL $ 700.00
3 M/S of County Line Inc.
Rd. Facing N/S (16309 B Dunes Golf Club 12 Mos. TBP $ 400.00 P $ 600.00
US Hwy. 19) Pasco
TB-69 E/S of US Hwy. 19, .8 10'6x36' Y A George C. Psetas 12 Mos. 07-31-98 $ 850.00 RS $ 850.00
of a M/S of SR 52 P.A.
(11138 US Hwy. 19) B Available $ 850.00
Facing N/S Pasco
TB-70 E/S of US Hwy 19, 1.3 10'6x36' Y A Silverthorn 12 Mos. 04-30-98 $ 661.00 $ 850.00
M/S of SR 52 (10704 Port Richey B Pitt Boss BBQ 12 Mos. 01-15-98 $ 575.00 $ 850.00
US Hwy. 19) Facing N/S Pasco
TB-71 W/S of I-75, 1.2 M/S 10'6x36' Y A Marathon 12 Mos. 11-30-97 $ 800.00 $1,100.00
of SR 50 Facing N/S B Racetrac 36 Mos. 02-28-99 $ 650.00 $1,100.00
(4400 Lockhart Rd.) Hernando
TB-72 W/S of I-75, 1.8 M/S 10'6x36' Y A Florida Acquarium 12 Mos. 01-31-98 $ 765.00 $1,100.00
of SR 50 Facing N/S B Wendy's 12 Mos. 09-04-98 $1,100.00 BC $1,100.00
(4400 Lockhart Rd.) Hernando
TB-73 W/S of I-75, 2 M/S 10'6x36' Y A Big Top Flea Market 12 Mos. 12-01-97 $ 700.00 $1,100.00
of SR 50 Facing N/S B Glen Lakes 12 Mos. 06-30-98 $ 650.00 $1,100.00
(4400 Lockhart Rd.) Hernando
TB-74 W/S of I-75, 2.3 M/S 10'6x36' Y A N.G. Development 12 Mos. 01-09-98 $ 750.00 Cancel $1,100.00
of SR 50 Facing N/S /DBA River Ridge 12 Mos. 08-31-97 $ 630.00 8-31-97 $1,100.00
(4400 Lockhart Rd.) Hernando B Columbia Regional
Hospital
TB-75 W/S of I-75, .7 of a 10'6x36' Y A Available $1,100.00
M/S of SR 50 Facing N/S B Available $1,100.00
(5360 Lockhart Rd.) Hernando
TB-76 E/S of I-75, 2.3 M/S 10'6x36' Y A Sugar Mill Woods 12 Mos. 03-31-98 $ 735.00 $1,100.00
of SR 50 Facing N/S Comm.
(30107 Power Line Rd.) Hernando B Tri-County RV Sales 12 Mos. TBP $1,000.00 P $1,100.00
TB-77 E/S of I-75, 2.7 M/S 10'6x36' Y A Silverthorn 12 Mos. 06-15-98 $ 824.00 $1,100.00
of SR 50 Facing N/S B Comfort Inn 12 Mos. 11-07-97 $ 750.00 $1,100.00
(30107 Power Line Rd.) Hernando
TB-78 S/S of County Line 10'6x36' Y A Jim Quinlan Ford 12 Mos. 10-14-97 $ 500.00 $ 850.00
Rd., .5 M/W of Mariner B Available $ 850.00
Blvd., Facing E/W Spring Hill
(15718 County Line Rd.) Pasco
TB-79 W/S of I-75, 2.5 M/S of 10'6x36' Y A Murphco of Florida 36 Mos. 06-19-00 $1,000.00 Eff. $1,100.00
SR 50, Facing N/S B Cracker Barrel Old 12 Mos. 04-15-98 $ 900.00 6-19-98: $1,100.00
(4400 Lockhart Rd.) Hernando Country Store 2@$1000;
3@1100
Copy up
07-15-97
TB-80 N/S of E. Hillsborough 10'6x36' Y A Available $ 850.00
Ave. (4130), .2 M/E of Tampa B Available $ 850.00
40th St., Facing E/W Hillsborough
T-81 N/S of E. Hillsborough 10'6x36' Y A Morgan, Colling & 12 Mos. 05-23-98 $ 750.00 $ 850.00
Ave. (1042), .2 M/E of Tampa Gilbert
Nebraska, Facing E/W Hillsborough B Adoptions By 6 Mos. 10-27-97 $ 400.00 $ 850.00
Choice Inc.
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Page 7
SCHEDULE 1(Q) - LEASES
See Attached.
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TAMPA MARKET
BILLBOARD PROPERTIES/LEASES
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-1 S/S Park Blvd. (7290), FL694 2 S 10.5'x36' Y Pinellas Fred Herbst $3,000.00 12-01/2003 10 Yrs. w/
.1 of a mile W of Florida N/A 10 Option
Belcher Rd., Facing E/W with notice
T-2 E/S Clearwater-Largo US19A 2 S 10.5'x36' Y Pinellas Luis Botelko $2,400.00 4-27/Yr to Year to Year
Rd. (1699), 1.5 M/N of Florida BL554-35 Yr Lease
W. Bay Dr., Facing N/S BL555-35
T-3 E/S Park St. (5001), CR 1 2 S 10.5'x36' Y Pinellas 226761 Gloria $2,400.00 6-12-2007 10 Yrs. w/
.5 of a M/N of Tyrone Florida N/A McCausland Automatic
Blvd., Facing N/S 10 Yr.
Renewal
T-4 W/S 66th St. N (11980), FL693 2 S 10.5'x36' Y Pinellas 246112 RCL $2,500.00 12-1/1998 5 Yrs. option
1 M/S of Ulmerton Rd., Florida N/A Enterprises to renew w/8%
Facing N/S Inc. rent increase
T-5 N/S Walsingham Rd. FL688 2 S 10'x30' y Largo N/A Larry R. $2,400.00 5-6/2008 10 Yrs. w/
(14461), .3 of a M/W of Florida Horden Automatic 10
Indian Rocks Rd., Yr. Renewal
Facing E/W
T-6 E/S Clearwater-Largo US19A 2 S 10'x30' Y Largo 0004026 Alvin J. $2,400.00 8-22/2008 10 Yrs. w/
Rd. (904), .5 of a M/N Florida N/A Smith Automatic 10
of W. Bay Dr., Facing Yr. Renewal
N/S
T-7 S/S E Bay Dr. (1995), FL686 2 S 10'x30' Y Largo Peter Feth $2,400.00 12-13/2008 10 Yrs. w/
.2 of a M/W of Starket Florida N/A Automatic 10
Rd., Facing E/W Yr. Renewal
T-8 S/S Sunset Point Rd. CR576 2 S 10.5'x36' Y Pinellas John $3,000.00 10-17/2008 10 Yrs. w/
(1947), .2 of a M/W of Florida N/A Gianfilippo Automatic 10
Hercules Rd., Facing Yr. Renewal
E/W (Clearwater)
T-9 E/S Alt. US 19 (1743), SR595 2 S 10.5'x36' Y Pinellas Russ & $2,400.00 6-9/2088 10 Yrs. w/
.4 of a M/N of Florida BM888-35 Brigitte Automatic 10
Klosterman Rd., Facing BM889-35 Britton Yr. Renewal
N/S (Tarpon Springs)
T-10 N/S of SR 52 (10601), SR52 2 S 10.5'x36' Y Pasco 228122 U-Haul $2,250.00 7-31/2006 20 Yrs.-8-1-
.6 of a M/E of Hick Florda BL116-35 Partnership 86/91@$1400;
Rd., Facing E/W BL117-35 91/96@1680
8-1-96/01@
$2250; 01/06
@$2820
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Page 1 of 7
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-11 W/S Clearwater/Largo Rd. US19A 2 S 10'x30' Y Largo Robert J. $2,800.00 4-27/2004 Ten Yr. Lease
(101),.1 of a M/N of W. Florida N/A McDermott
Bay Dr., Facing N/S
T-12 S/S W. Bay D. (2261), FL686 1 S 10'x30' Y Largo 5151 Ernest & $1,800.00 6-17/2004 5 Yrs. w/5
1 M/W of Clearwater- Single Pinellas N/A Thirza Yr. Auto
Largo Rd., Facing E/W B Mortham Renewal
T-13 N/S SR 54, .1 of a M/W FL54 2 S 10.5'x36' Y Pasco 120758 Todd Woods $2,500.00 12-1/2006 10 Yrs. w/5
of Collier Parkway, Florida BK983-35 Enterprises Yr. Auto
Facing E/W (Land 'O' BK984-35 Renewal
Lakes)
T-14 N/S SR 54, .3 of a M/W FL54 2 S 10x5'x36' Y Pasco 120758 Todd Woods $2,500.00 12-1/2006 10 Yrs. w/5
of Collier Parkway, Florida B1835-35 Enterprises Yr. Auto
Facing E/W B1836-35 Renewal
T-15 E/S Land 'O' Lakes US41 2 S 14'x48' Y Pasco 228914 J.E. Harvey $2,025.90 1-5/2005 5 Yrs. w/two
Blvd. (5400), 3 M/N of Florida BG-460-35 & Emma Lou 5 Yr. Renewals
SR 54, Facing N/S BG461-35 Harvey with written
request-3%
Ann. Increases
T-16 E/S Land '0' Lakes US41 2 S 10.5'x36' Y Pasco 260999 Phillip $2,086.70 3-2-2005 5 Yrs. w/two
Blvd. (2914), US 41, Florida BNA841-55 White 5 Yr. Renewals
.5 M/N of SR 54, BNA842-55 with written
Facing N/S request-3%
Ann. Increases
T-17 E/S Land 'O' Lakes US41 2 S 10.5'x36' Y Pasco 228915 Norman $1,800.00 5-15/2005 Two 5 Yr.
Blvd. (5710), 3.3 M/N Florida BCO97-35 Conaty options to
of SR 54, Facing N/S BCO98-35 renew with
(Land 'O' Lakes) 5% rent
increases
T-18 E/S Cortez Blvd. FL577 2 S 10.5'x36' Y Hernando 8704360 Vance $1,273.08 12-1/2007 Auto Renewal
(18845), .4 of a M/S of Florida BM809-35 Revennaugh Yr. to Yr. w/
SR 50, Facing N/S BM810-35 3% Inc. every
(Brooksville) other year
T-19 E/S US Hwy. 19, 10.2 US19 2 S 10.5'x36' Y Hernando Joseph $1,200.00 6-30-03 15 Yrs. w/ a
M/N of SR 50 at Kelso Florida AR840-35 D'Ettore 10 Yr. Option
Rd., Facing N/S AR841-35 to renew Same
Terms to 2013
T-20 E/S US Hwy. 19 S. US19 2 S 14'x48' Y Pinellas 2557 Butler $5,500.00 7-10/1099 $5500 or 16%
(10815), .6 of a M/S Florida AY601-35 Carpet net revenue
of 110th Ave., Facing AY602-35 Co.
N/S
T-21 S/S E. Bay Dr. (2805), FL686 2 S 10'x30' Y Largo 7794 Ralph Bran, $3,000.00 12-31/2003 Ten Yrs: Yrs.
.3 of a M/E of Starkey Florida N/A Braun 1-5@$3000 Ann.
Rd., Facing E/W Corporation & Yrs. 6-10
@3600 Ann.
T-22 N/S E. Bay Dr. (5200), FL686 2 S 10'x30' Y Largo 6691 Am South $3,600.00 2-14/2000 5 Yr. Option
.2 of a M/W of US Hwy. Pinellas N/A Bank to Renew
19, Facing E/W
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-23 N/S E Bay Dr. (1198), W FL686 2 S 10'x30' Y Largo 8449 Valerie L. $4,800.00 11-1/1999 10 Yrs. w/ 10 Yr.
of Highland Ave. Facing Florida N/A Ayers Option to renew to
N/S 2009 with conditions
T-24 E/S of US Hwy. 19 S US19 2 S 14'x48' Y Pinellas 6171 James T. $7,200.00 12-31-1999 10 Yr. Lease
(10925) at 110th Ave., Florida AY984-35 Paul
Facing N/S AY985-35
T-25 W/S 34th St. (4550), US19 2 S 14'x48' Y Pinellas 7641 Mark A. $4,500.00 9-14/2002 10 Yr. Lease
.6 of a M/N of 38th Florida AZ166-35 LaPrade
Ave. N., Facing N/S AZ167-35
T-26 W/S of 34th St. N. US19 2 S 14'x48' Y Pinellas Doug $5,903.57 12-1/1098 10 Yr. Lease w/ 3%
(6190), US Hwy. 19, at Florida B1363-35 Lowery & Ann. Increases
62nd Ave., Facing N/S B1364-35 Beth beginning at $4800
Sudduth or 15% gross
T-27 W/S Madison Ave. FL54 2 S 10.5'x36' Y Pasco Armstrong $2,737.32 8-1-/1997 8 Yr. Lease-no
(4051), 300'N of SR 54 Florida BQ153-55 Plaza for option for renewal
Facing N/S BQ154-55 Thomas
Daniel
T-28 E/S US Hwy. 19 N. US19 2 S 10'x20' Y Pasco Invesco $1,500.00 7-30/2007 10 Yrs. w/ 10 Yr.
(7404), .1 of a M/S of Florida B1517-35 New Port renewal option @
Port Richey Bridge, B1518-35 Richey same rent of $1500
Facing N/S Corp. or 15% Gr. Income
T-29 S/S of SR 54 (5226), FL54 2 S 14'x48' Y Pasco Dominick $3,646.52 8-31/2008 20 Yr. Lease w/ Yr.
.6 of a M/E of US Hwy. Florida B1573-35 Macaluso to Yr. Renewal Rent
19, Facing E/W B1574-35 $3000 w/ 5% ann.
increase
T-30 W/S of Land '0' Lakes US41 2 S 10.5'x36' Y Pasco 217551 Ridge $2,000.00 8-20/2006 20 Yr. Lease w/ Yr.
Blvd. (6105), 3.7 M/N Florida BD726-35 Manor to Yr. Renewal
of SR 54, Facing N/S BD727-35 Properties
T-31 E/S US Hwy. 19 (16642), US19 2 S 14'x48' Y Pasco Peter Wong $2,000.00 6-2/2007 10 Yrs. w/ 10 Yr.
5.4 M/N of SR 52 Florida B1365-35 & Gim Mar renewal option @
Facing N/S B1366-35 $2000 Ann. or 15%
Gross Income
T-32 S/S Cortez Blvd. FL50 2 S 10.5'x36' Y Hernando Thomas H. $1,311.27 10-31/2007 20 Yr. Lease w/ Yr.
(15430), 6.3 M/E of Florida AU153-35 White to Yr. Renewal at
US Hwy. 19, Facing E/W AU154-35 $1200 w/ 3% Inc.
every 2nd year.
T-33 N/S Cortez Blvd. FL50 2 S 10.5'x36' Y Hernando John Ames $1,445.14 12-31/2007 20 Yr. Lease w/ Yr.
(28363), 1.8 M/W of Florida BD438-35 to Yr. Renewal at
I-75 Facing E/W BD439-35 $1200 w/ 3% Inc.
every 2nd year.
T-34 E/S S. Missouri Ave. US19A 2 S 14'x48' Y Pinellas Robert $1,605.00 10-31/2003 Ten Yrs. from 11-1-
(1535), .2 of a M/N of Florida BL541-35 Keller 93: 1-5 @$1605; Yrs.
Belleair Rd., Facing BL542-35 6-10 @$2675 Ann.
N/S
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O L TRI SIZE OWNER RENT EXP COMMENTS
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T-35 E/S S. Missouri Ave. US19A 2 S 14'x48' Y Pinellas Ronald E. $2,000.00 11-28/2006 Ten Yrs. w/
(1477), .4 of a M/N of Florida BL543-35 Smith Ten Yr.
Belleair Rd., Facing BL544-35 renewal
N/S option
T-36 W/S Clearwater-Largo US19A 2 S 12'x25' Y Largo Lee & $1,500.00 1-30/2007 Ten Yrs. w/
Rd. (1509), 1 M/N of Florida N/A Karen Ten Yr.
Belleair Rd., Facing Johnson renewal
N/S option from
1-30-87 then
Yr. to Yr.
T-37 N/S Walsingham Rd. FL688 2 S 10'x30' Y Largo Joyce $1,500.00 5-24/2004 Ten Yrs. w/
(14385), .3 of a M/W of Pinellas N/A Westphal Ten Yr.
Indian Rocks Rd., renewal
Facing E/W option then
Yr. to Yr.
T-38 S/S E. Bay Dr. (5105), FL686 4 S 10'x30' Y Largo Lonnie $2,000.00 1-4/2004 10 Yrs. w/
.3 of a M/W of US Hwy. TRI B Pinellas N/A Orns 10 Yr.
19, Facing E/W Automotive Renewal
Realty Option then
Assoc. Yr. to Yr.
T-39 N/S W. Bay Dr. (1400), FL686 2 S 10'x30' Y Largo Ronald R. $1,605.00 5-12/2007 10 Yrs. w/
.5 of a M/W of Pinellas and Joan 10 Yr.
Clearwater-Largo Rd., A. Daniels Renewal
Facing E/W Option then
Yr. to Yr.
T-40 E/S Gall Blvd. (7010), US301 2 S 10.5'x36' Y Pasco 229939 William F. $3,180.00 MTM Month to
3 M/N of SR 54 (Gulf Florida B1369-35 Nye Month Lease
Station), Facing N/S, B1370-35 ABMM Inc.
Zephyrhillis
T-41 N/S of SR 52, 2.9 M/E FL52 2 S 14'x48' Y Pasco 209642 Permanent -0- N/A
of US Hwy. 19 Facing Florida B1361-35 Easement
E/W B1362-35
T-42 S/S of Walsingham Rd. FL688 2 S 10'x30' Y Largo 9063 Antoni & $3,600.00 4-7-2009 Ten Yrs. w/
(14530), .3 of a M/W Pinellas N/A Wincent Ten Yr.
of Indian Rocks Rd., Niewiarowski Renewal
Facing E/W Option
T-43 S/S of Walsingham Rd. FL688 2 S 10'x30' Y Largo 9062 Antoni & $3,600.00 4-7-2009 Ten Yrs. w/
(14590), .3 of a M/W Florida N/A Wincent Ten Yr.
of Indian Rocks Rd., Niewiarowski Renewal
Facing E/W Option
T-44 W/S 4th St. N. (5590), FL687 2 S 10'x30' Y St. 11219050 Cassie $2,400.00 10-12/2009 Ten Yrs. w/
.2 of a M/N of 54th Petersburg N/A Featherstone Ten Yr.
Ave., Facing N/S Florida Renewal
Option
T-45 E/S of 66th St. N. SR693 2 S 10.6'x36' Y Pinellas 13594 Warren Mack $3,210.00 5-31/1999 Ten Yrs.-
(4801), N of 48th Ave. Florida BA448-35 & Sally Mack Beginning
N. Facing N/S BA449-35 Weiner 6-1-92 Yrs.
1-2 @$2400;
3-5 @$3000;
6-8 @$3600
T-46 E/S of US Hwy. 19 N. US19 2 S 10.6'x36' Y Pasco 098273 Rent-A-Space $3,600.00 12-31-2002 9 Yrs.-7
(4218), .3 of a M/N Florida B1367-35 Corp. Yrs. @$300
of SR 54, Facing N/S B1368-35 Mo. & 2 Yrs.
@ $400 Mo.
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-47 S/S of SR 580 (2321), SR580 2 S 14'x48' Y Pinellas T8641 Sevald & $5,500.00 9-30/2006 to 2001:
.3 of a M/W of US Hwy. Florida BA948-35 Barabara $5500; to
19, Facing E/W BA949-35 Nielsen 2006: $6000
(Dunedin) 60 Day Notice
of Renewal
Yr. 2001
T-48 W/S of US Hwy. 19B, US19 2 S 12'x42' Y Pinellas Permanent N/A N/A
(39310), .4 of a M/N Florida Easement
of Klosterman Rd., AM944-10 Bradley
Facing N/S. Tarpon AM945-10 Plaza
Springs Assoc.
T-49 W/S of 66th St. at FL693 2 W 10'x28' Y Pinellas 245029 Dorothy R. $1,605.00 4-14/2008 10 Yrs. w/
Bryan Dairy Rd. Florida BM896-35 Mills, 10 Yr.
Facing N/S BM897-35 Trustee Renewal
Option
T-50 S/S Bay Pines Blvd. FL688 2 W 10'x36' Y Pinellas 20266 Anthony $3,852.00 Yr. to Yr.
(8330), .3 of a M/W of Florida BL552-35 Barbato
Park St., Facing E/W BL553-35
T-51 E/S US Hwy. 19 S. US19 4 W 10'x28' Y Clearwater 72225 Jacinto $5,018.65 9-22/2008 10 Yrs. w/
(12737), .5 of M/S of Stack A&B Pinellas AX816-35 Rodriques 10 Yr.
Ulmerton Rd. @ 126th AX817-35 Renewal
Ave. N., Facing N/S Option Yrs.
1-10 @$5%
ann. increase
T-52 W/S Seminole Blvd. FL595 2 W 10'x40' Y Seminole 22619 Lazzara $2,568.00 3-14-2001 3 Yrs. w/ 3
(10998), at 110th Ave. Pinellas BL539-35 Oil Co. Yrs. Renewal
N., Facing N/S BL540-35 Michael A. Option
Lazzara Beginning
3-14-95
T-53 W/S of 49th St. N. CR611 2 W 10'x28' Y Clearwater 254050 Marshall $2,675.00 2-1-1999 3 Yrs.-1@
(12650), .4 of a M/S of Pinellas Harris $2675; 2@
Ulmerton Rd., Facing $2808.75; 3
N/S @$2,949.19
1 Plastic 5'x15' N
T-54 W/S of 66th St. N. FL693 2 S 14'x48' Y Pinellas BNA839-55 The $2,400.00 1-1/2016 10 Yrs. w/ 10
(14444), .6 of a M/N of Florida BNA840-55 Christian Yr. Renewal
Ulmerton Rd., Facing Network Option
N/S
T-55 S/S of SR 52 (18950), FL52 2 S 10.5'x36' Y Pasco 238242 Anne T. $1,800.00 10-31/2015 10 Yrs. w/
.1 of a M/E of US 41 Florida BG758-35 Calhoun 10 Yr.
Facing E/W (Dade City) BG759-35 Renewal
Option 10
Yrs. @$150
Mo.; 10 Yrs.
@$200 Mo.
T-56 W/S of US 41 (50th US41 2 S 10.5'x36' Y Tampa 146682 Outdoor $1,597.50 Yr. to Yr. Yr. to Yr.
St.), .5 of a M/N of Hillsborough BL734-35 Systems 4-1/3-31 Lease @$1500
Crosstown Expressway, BL735-35 Adv. + 6.5% Tax
Facing N/S or 25% of
Gross
whichever
is greater
TB-57 W/S of US 301, 2 M/N of US301 4 S 12'x25' Y Pasco 224145 Sto-Ete $1,200.00 6-30/2005 5 Yrs. w/ 5
SR 52 Facing N/S Stack A&B Florida BK522-35 Storage Yr. Renewal
(16031 US 301) BK523-35 Option Rent
$1200 Ann
or 15% Gross
Income
TB-58 E/S of US 301, 50'N of US301 2 S 12'x25' Y Pasco 209092 Scotty's $1,272.00 6-23/1998 4 Yr. Lease-
Morningside Dr. Facing Florida BJ370-35 Inc. Rent + 10%
N/S (1720 US 301) BJ371-35 of Gross
Rev.
exceeding
sum of Min.
Mo. Rent
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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TB-59 W/S of US 301, .1 of a US301 4 W 12'x25' Y Pasco 208836 Enza $1,200.00 8-4/2014 10 Yrs. w/ 10
M/S of US 98 Facing Stack A&B Florida BJ295-35 Orsi Yr. Renewal
N/S (11131 Hwy. 301) BJ296-35 Option Rent
$1200 or 10% Net
TB-60 W/S of US 301, .3 of a US301 4 W 12'x25' Y Pasco 208837 Enza $1,200.00 6-13/2014 10 Yrs. w/ 10
M/S of US 98 Facing N/S Stack A&B Florida BJ297-35 Orsi Yr. Renewal
(11131 Hwy. 301) BJ298-35 Option Rent
$1200 or 10%
Net
TB-61 S/S of SR 54, 100'E of SR54 4 W 12'x25' Y Pasco 219395 H&S Realty $2,400.00 1-24/2002 7 Yrs.:1@$250;
Allen Rd. Facing E/W Stack A&B Florida BK129-35 Property 2&3@$200; 4/7@
BK130-35 Inc. $250 Inc. to
$250 2-1-98
TB-62 N/S of SR 54, 1 M/W of SR54 4 W 12'x25' Y Pasco 205991 Dave & $1,200.00 8-16/2014 10 Yrs. w/ 10
Seven Springs Blvd. Stack A&B Florida BJ084-35 Darla Yr. Renewal
Just W of Thys Rd., BJ085-35 Schwendeman Option Rent
Facing E/W (6325 SR 54) $1200 Ann. or
15% Net
TB-63 N/S of 2328 SR54 at SR54 4 W 12'x25' Y Pasco 205009 Wendy's Old $1,399.20 8-8/109 5 Yr. Lease @
Raden Dr., .4 of a M/E Stack A&B Florida BJ194-35 Fashion $1399.20 Ann.
of US 41, Facing E/W BJ195-35 Hamburgers or 20% Gross
of NY Inc.
TB-64 N/S of SR 52, .3 of a SR52 2 S 10.6'x36' Y Pasco 240444 One Pasco $1,272.00 13-31/2014 10 Yrs. w/ 10
M/E of I-75 Facing E/W Florida BL310-35 Center % Yr. Renewal
BL311-35 WREC Option
TB-65 S/S of SR 50, .4 of a SR50 2 W 10.6'x36' Y Hernando 9500433 Jack $1,800.00 2-13/2015 10 Yrs. w/ 10
M/W of I-75 Facing E/W Florida BK435-35 Melton Yr. Renewal
(30220 E. Cortez Blvd.) BK436-35 Family, Option
Inc.
TB-66 S/S of SR 50, at SR50 2 S 10.6'x36' Y Hernando 1009119 Gary J. Dame $3,000.00 5-31/2006 10 Yrs.
Junction of CR 570 and Florida BL730-35 Yvonne M.
SR 50, Facing E/W BL731-35 Dame
(15250 Cortez Blvd.)
TB-67 W/S of Dale Mabry, .2 SR597 2 S 10.6'x36' Y Pasco 243787 John M. $2,400.00 4-2/2026 15 Yrs. w/ 15
M/S of US 41 Facing N/S Florida BL744-35 Harris Yr. Renewal
(1635 Dale Mabry) BL745-35 Gretchen W. Option Rent
Harris $2400 Ann or
15% Net
TB-68 W/S OF US Hwy. 19, 3 US19 2 W 10.6'x36' Y Pasco 222958 Leonard $1,282.00 8-12/2015 10 Yrs. w/ 10
M/S of County Line Rd. Florida BK473-35 Whitney Yr. Renewal
Facing N/S (16309 US BK474-35 Option 1st and
Hwy. 19) Last months
paid w/ 1st Mo.
TB-69 E/S of US Hwy. 19, .8 US19 2 S 10.6'x36' Y Pasco 219077 Tri County $1,800.00 8-4/2014 10 Yrs. w/ 10
a M/S of SR 52 (11138 Florida BJ082-35 Development/ Yr. Renewal
US Hwy. 19) Facing N/S BJ083-35 Pasco Option Rent
$1800 Ann or
35% Gross
TB-70 E/S of US Hwy. 19, 1.3 US19 2 S 10.6'x36' Y Pasco 205012 Hao Wah $1,800.00 8-4/2014 10 Yrs. w/ 10
M/S of SR 52 (10704 US Florida BM832-35 Quach Yr. Renewal
Hwy. 19) Facing NS BM833-35 Option
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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TB-71 W/S of I-75, 1.2 M/S I-75 2 S 10.6'x36' Y Hernando 1004109 Jack Melton $ 2,004.00 6-17/2016 10 Yrs.+10 Yrs:
of SR 50 Facing N/S Florida BK904-35 Family, Inc. 1-5@$167/6-10
(4400 Lockhart Rd.) BK90-35 @$185/11-15@
$200/16-20@ 220
Mo. or 15% Net
TB-72 W/S of I-75, 1.8 M/S I-75 2 S 10.6'x36' Y Hernando 1004108 Jack Melton $ 2,004.00 6-17/2016 10 Yrs.+10 Yrs:
of SR 50 Facing N/S Florida BK908-35 Family, Inc. 1-5@$167/6-10
(4400 Lockhart Rd.) BK909-35 @$185/11-15@
$200/16-20@ 220
Mo. or 15% Net
TB-73 W/S of I-75, 2 M/S I-75 2 S 10.6'x36' Y Hernando 1003669 Jack Melton $ 2,004.00 3-21/2016 10 Yrs.+10 Yrs:
of SR 50 Facing N/S Florida BK910-35 Family, Inc. 1-5@$167/6-10
(4400 Lockhart Rd.) BK911-35 @$185/11-15@
$200/16-20@ 220
Mo. or 15% Net
TB-74 W/S of I-75, 2.3 M/S I-75 2 S 10.6'x36' Y Hernando 1003668 Jack Melton $ 2,004.00 6-12/2016 10 Yrs.+10 Yrs:
of SR 50 Facing N/S Florida BK912-35 Family, Inc. 1-5@$167/6-10
(4400 Lockhart Rd.) BK913-35 @$185/11-15@
$200/16-20@ 220
Mo. or 15% Net
TB-75 W/S of I-75, .7 M/S I-75 2 S 10.6'x36' Y Hernando 1012190 Jack Melton $ 2,004.00 8-26/2016 10 Yrs.+10 Yrs:
of a M/S SR 50 Florida BM349-35 Family, Inc. 1-5@$167/6-10
Facing N/S (5360 BM350-35 @$185/11-15@
Lockhart Rd.) $200/16-20@ 220
Mo. or 15% Net
TB-76 E/S of I-75, 2.3 M/S I-75 2 S 10.6'x36' Y Hernando 1003151 Jack Melton $ 2,004.00 3-21/2016 10 Yrs.+10 Yrs:
of SR 50 Facing N/S Florida BK629-35 Family, Inc. 1-5@$167/6-10
(30107 Power Line Rd.) BK630-35 @$185/11-15@
$200/16-20@ 220
Mo. or 15% Net
TB-77 E/S of I-75, 2.7 M/S I-75 2 S 10.6'x36' Y Hernando 1003670 Jack Melton $ 2,004.00 3-21/2016 10 Yrs.+10 Yrs:
of SR 50 Facing N/S Florida BK902-35 Family, Inc. 1-5@$167/6-10
(30107 Power Line Rd.) BK903-35 @$185/11-15@
$200/16-20@ 220
Mo. or 15% Net
TB-78 S/S of County Line Rd. I-75 2 S 10.6'x36' Y Pasco 250219 Frank Oliver $ 1,200.00 6-31/2026 15 Yrs. w/15
(15718), .5 M/W of Florida Yr. Renewal
Mariner Blvd., Facing Option Rent
E/W (Spring Hill) $1200 Ann or
10% Net
TB-79 W/S of I-75, 2.5 M/S I-75 2 S 10.6'x36' Y Hernando 1017270 Jack Melton $ 2,004.00 Construc- 10 Yrs.+10 Yrs:
of SR 50, Facing N/S Florida BN197-35 Family, Inc. tion 1-5@$167/6-10
(4400 Lockhard Rd.) BN198-35 @$185/11-15@
$200/16-20@ 220
Mo. or 15% Net
TB-80 N/S of E. Hillsborough US92 2 S 10.6'x36' Y Tampa 153658 Elias de la $ 1,500.00 11-01-2016 10 Yrs. w/10
Ave. (4130) .2 M/E of SR580 Florida BM909-35 Torre Renewal
49th St., Facing E/W BM910-35
TB-81 N/S of E. Hillsborough US92 2 S 10.6'x36' Y Tampa 152853 Kirit A. $ 1,800.00 11-01-2016 10 Yrs. w/10
Ave. (1042) .2 M/E of SR580 Florida BM907-35 Patel Renewal
Nebraska, Facing E/W BM908-35
NUMBER FACES OWNED: 4
NUMBER FACES LEASED: 174
09-23-97
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SCHEDULE 1(S) - LOCATIONS
See Attached.
--------------------------------------------------------------------------------
TAMPA MARKET
BILLBOARD PROPERTIES/LEASES
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-1 S/S Park Blvd. (7290), FL694 2 S 10.5'x36' Y Pinellas Fred Herbst $3,000.00 12-01/ 10 Yrs. w/
.1 of a mile W of Florida N/A 2003 10 Option
Belcher Rd., Facing E/W with notice
T-2 E/S Clearwater-Largo US19A 2 S 10.5'x36' Y Pinellas Luis Botelko $2,400.00 4-27/Yr Year to
Rd. (1699), 1.5 M/N of Florida BL554-35 to Yr Year Lease
W. Bay Dr., Facing N/S BL555-35
T-3 E/S Park St. (5001), CR 1 2 S 10.5'x36' Y Pinellas 226761 Gloria McCausland $2,400.00 6-12- 10 Yrs w/
.5 of a M/N of Tyrone Florida N/A 2007 Automatic
Blvd., Facing N/S 10 Yr.
Renewal
T-4 W/S 66th St. N (11980), FL693 2 S 10.5'x36' Y Pinellas 246112 RCL Enterprises $2,500.00 12-1/ 5 Yrs
1 M/S of Ulmerton Rd., Florida N/A Inc. 1998 option to
Facing N/S renew w/8%
rent
increase
T-5 N/S Walsingham Rd. FL688 2 S 10'x30' Y Largo Larry R. Horden $2,400.00 5-6/ 10 Yrs. w/
(14461), .3 of a M/W of Florida N/A 2008 Automatic
Indian Rocks Rd., 10 Yr.
Facing E/W Renewal
T-6 E/S Clearwater-Largo US19A 2 S 10'x30' Y Largo 0004026 Alvin J. Smith $2,400.00 8-22/ 10 Yrs. w/
Rd. (904), .5 of a M/N Florida N/A 2008 Automatic
of W. Bay Dr., Facing 10 Yr.
N/S Renewal
T-7 S/S E. Bay Dr. (1995), FL686 2 S 10'x30' Y Largo Peter Feth $2,400.00 12-13/ 10 Yrs. w/
.2 of a M/W of Starkey Florida N/A 2008 Automatic
Rd., Facing E/W 10 Yr.
Renewal
T-8 S/S Sunset Point Rd. CR576 2 S 10.5'x36' Y Pinellas John Gianfilippo $3,000.00 10-17/ 10 Yrs. w/
(1947), .2 of a M/W of Florida N/A 2008 Automatic
Hercules Rd., Facing 10 Yr.
E/W Renewal
T-9 E/S Alt. US 19 (1743), SR595 2 S 10.5'x36' Y Pinellas Russ & Brigitte $2,400.00 6-9/ 10 Yrs. w/
.4 of a M/N of Florida BM888-35 Britton 2088 Automatic
Klosterman Rd., Facing BM889-35 10 Yr.
N/S Renewal
T-10 N/S of SR 52 (10601), SR52 2 S 10.5'x36' Y Pasco 228122 U-Haul $2,250.00 7-31/ 20 Yrs.-8-1
.6 of a M/E of Hick Florida BL116-35 Partnership 2006 -86/91@
Rd., Facing E/W BL117-35 $1400; 91/
96@$1680
8-1-96/01@
$2250;01/
06@$2820
T-11 W/S Clearwater/Largo US19A 2 S 10x30' Y Largo Robert J. $2,280.00 4/27/ Ten Yr.
Rd. (101), .1 of a Florida N/A McDermott 2004 Lease
M/N of W. Bay Dr.,
Facing N/S
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T-12 S/S W. Bay D. (2261), FL686 2 S 10'X30' Y Largo 5151 Ernest & Thirza $1,800.00 6-17 5 Yrs w/5Yr
1 M/W of Clearwater- Single Pinellas N/A Mortham . 2004 Auto Renewal
Largo Rd., Facing E/W
T-13 N/S SR 54, .1 of a M/W FL54 2 S 10.5'5 Y Pasco 120758 Todd Woods $2,500.00 12-1/ 10 Yrs w/5Yr
of Collier Parkway, x 36' Florida BK983-35 Enterprises 2006 Auto Renewal
Facing E/W BK984-35
T-14 N/S SR 54, .3 of a M/W FL54 2 S 10.5' Y Pasco 120758 Todd Woods $2,500.00 12-1/ 10 Yrs w/5Yr
of Collier Parkway, x36' Florida B1835-35 Enterprises 2006 Auto Renewal
Facing E/W B1836-35
T-15 E/S Land 'O' Lakes US41 2 S 14'x48 Y Pasco 228914 J.E. Harvey $2,025.90 1-5/ 5 Yrs w/two
Blvd. (5400), 3 M/N of Flordia BG460-35 Emma Lou Harvey 2005 5 Yr. Renewal
SR 54, Facing N/S BG461-35 with written
request-3%
Ann. Increase
T-16 E/S Land '0' Lakes US41 2 S 10.5'x36' Y Pasco 260999 Phillip White $2,086.70 3-2/ 5 Yrs w/two
Blvd. (2914), US 41, Florida BN841-55 2005 5 Yr. Renewals
.5 M/N of SR 54, BN842-55 with written
Facing N/S request-3%
Ann. Increase
T-17 E/S Land 'O' Lakes US41 2 S 10.5'x36' Y Pasco 228915 Norman Conaty $1,800.00 5-15/ Two 5 Yr.
Blvd. (5710), 3.3 M/N Florida BC097-35 2005 Options to
of SR 54, Facing N/S BCO98-35 renew with 5%
rent increase
T-18 E/S Cortez Blvd. FL577 2 S 10.5'x36' y Hernando 8704360 Vance $1,273.08 12-1/ Auto renewal
(18845), .4 of a M/S of Florida BM809-35 Revennaugh 2007 Yr. to Yr.
SR 50, Facing N/S BM810-35 with 3% Inc.
every other
year.
T-19 E/S US Hwy. 19, 10.2 US19 2 S 10.5'x36' Y Hernando Joseph $1,200.00 15 Yrs. w/a 10
M/N of SR 50 at Kelso Florida AR840-35 D'Ettore 6-30-03 Option to
Rd., Facing N/S AR841-35 renew Same
Terms to 2013
T-20 E/S US Hwy. 19 S. US19 2 S 14'x48' Y Pinellas 2557 Butler Carpet $5,500.00 7-10/ $5500 or 16%
(10815), .6 of a M/S Florida AY601-35 Co. 1099 net revenue
of 110th Ave., Facing AY602-35
N/S
T-21 S/S E. Bay Dr. (2805), FL686 2 S 10'x30' Y Largo 7794 Ralph Braun, $3,000.0 12-31/ Ten Yrs: Yrs.
.3 of a M/E of Starkey Florida N/A Braun Corp. 2003 1-5 @$3000
Rd., Facing E/W Ann. & Yrs.
6-10 @ $3600
Ann.
T-22 N/S E. Bay Dr. (5200), FL686 2 S 10'x30' Y Largo 6691 Am South $3,600.00 2-14/ 5 Yr. Option
.2 of a M/W of US Hwy. Pinellas N/A Bank 2000 to Renew
19, Facing E/W
T-23 N/S E. Bay Dr. (1198), FL686 2 S 10'x30' Y Largo 8449 Valerie L. $4,800.00 11-1/ 10 Yrs. w/10
W of Highland Ave. Florida N/A Ayers 1999 Yr. Option to
Facing N/S renew to 2009
w/ conditions
T-24 E/S of US Hwy 19 S. US19 2 S 14'x48' Y Pinellas 6171 James T. $7,200.00 12-31 10 Yr. Lease
(10925), at 110th Ave. Florida AY984-35 Paul 1999
Facing N/S AY985-35
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-25 W/S 34th St. (4550), US19 2 S 14'x46' Y Pinellas 7641 Mark A. $4,500.00 9-14/ 10 Yr. Lease.
.6 of a M/N of 38th Florida AZ166-35 LaPrade 2002.
Ave. N., Facing N/S AZ167-35
T-26 W/S of 34th St. N. US19 2 S 14'x48' Y Pinellas Doug $5,903,57 12-1/ 10 Yr. Lease w/
(6190), US Hwy. 19, at Florida B1363-35 Lowery & 1098 3% Ann.
62nd Ave., Facing N/S B1364-35 Ben Sudduth Increases
beginning at
$4800 or 15%
gross
T-27 W/S Madison Ave. FL54 2 S 10.5'x36' Y Pasco Armstrong $2,737.32 8-1/ 8 Yr. Lease
(4051), 300'N of SR 54 Florida BQ153-35 Plaza for 1997 no option for
Facing N/S BQ154-35 Thomas renewal
Daniel
T-28 E/S US Hwy. 19 N. US19 2 S 10'x20' Y Pasco Invesco $1,500.00 7-30/ 10 Yrs w/10 Yr.
(7404), .1 of a M/S of Florida New Port renewal option
Port Richey Bridge, Richey @ same rent of
Facing N/S Corp. of $1500 or 15%
Gr. Income
T-29 S/S of SR 54 (5226), FL54 2 S 14'x48' Y Pasco Dominick $3,646.52 8-31/ 20 Yr. Lease
.6 of a M/E of US Hwy. Florida B1573-35 Macaluso 2008 with Year to
19, Facing E/W B1574-35 Year Renewal
Rent ($3000)
w/5% ann.
increase
T-30 W/S of Land '0' Lakes US41 2 S 10.5'x36' Y Pasco 217551 Ridge $2,000.00 8-20/2006 20 Yr. Lease w/
Blvd. (6105), 3.7 M/N Florida BD726-35 Manor Yr. to Yr.
of SR 54, Facing N/S BD727-35 Properties Renewal
T-31 E/S US Hwy. 19 (16642), US19 2 S 14'x14' Y Pasco Peter $2,000.00 6-2/2007 10 Yrs. w/10 Yr.
5.4 M/N of SR 52 Florida B1365-35 Wong & renewal option @
Facing N/S B1366-35 Gim Mar $2000 Ann. or 15
Gross Income
T-32 S/S Cortez Blvd. FL50 2 S 10.5'x36' Y Hernando Thomas $1,311.27 10-31/ 20 Yr. Lease w/
(15430), 6.3 M/E of Florida AU153-35 H. White Yr. to Yr.
US Hwy. 19, Facing E/W AU154-35 Renewal at $1200
w/3% Inc. every
2nd Year
T-33 N/S Cortez Blvd. FL50 2 S 10.5'36' Y Hernando John Ames $1,445.14 12-31/ 20 Yr. Lease w/
(28363), 1.8 M/W of Florida BD438-35 2007 Yr. to Yr.
I-75 Facing E/W BD439-35 Renewal at $1200
w/ 3% Inc. every
2nd year.
T-34 E/S S. Missouri Ave. US19A 2 S 14'x48' Y Pinellas Robert $1,605.00 10-31/ Ten Yrs from
(1535), .2 of a M/N of Flordia BL541-35 Keller 2003 11-1 93: 1-5 @
Belleair Rd., Facing BL542-35 1605; Yrs. 6-10
N/S @$2675 Ann.
T-35 E/S S. Missouri Ave. US19A 2 S 14'x48' Y Pinellas Ronald E. $2,000 11-28/ Ten Yrs. w/Ten
(1477), .4 of a M/N of Florida BL43-35 Smith 2006 Yr. renewal
Belleair Rd., Facing BL44-35 option
N/S
T-36 W/S Clearwater-Largo US19A 2 S 12'x25' Y Largo Lee & $1,500 1-30/ Ten Yrs. w/Ten
Rd. (1509), 1 M/N of Florida N/A Karen 2007 renewal option
Belleair Rd., Facing Johnson from 1-30-87
N/S then Yr. to Yr.
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-35 E/S S. Missouri Ave. US19A 2 S 14'x48' Y Pinellas Ronald E. $2,000.00 11-28/ Ten Yrs. w/Ten
(1477), .4 of a M/N of Florida BL543-35 Smith 2006 Yr. renewal
Belleair Rd., Facing N/S BL544-35 option
T-36 W/S Clearwater-Largo Rd. US19A 2 S 12'x25' Y Largo Lee & $1,500.00 1-30/ Ten yrs. w/ Ten
(1509). 1 M/N of Florida N/A Karen 2004 Yr. renewal
Belleair Rd., Facing N/S Johnson option from
1-30-87 then Yr.
to Yr.
T-37 N/S Walsingham Rd. FL688 2 S 10'x30' Y Largo Joyce $1,500.00 5-24/ Ten Yrs. w/Ten
(14385), .3 of a M/W of Pinellas Westphal 2004 Yr. renewal
Indian Rocks Rd., option then Yr.
Facing E/W to Yr.
T-38 S/S E. Bay Dr. (5105), US19A 4 S 12'x25' Y Largo N/A Lee & $1,500.00 1-30/ Ten yrs. with
.3 of a M/W of US Hwy. TRI B Florida Karen 2004 Ten Yr. renewal
19, Facing E/W Johnson from 1-30-87
then Yr. to Yr.
T-39 N/S W. Bay Dr. (1400), FL688 2 S 10'x30' Y Largo Ronald R. $1,605.00 5-12/ 10 yrs. with
.5 of a M/W of Florida and Joan 2007 Renewal Option
Clearwater-Lago Rd., A. Daniels then Yr. to Yr.
Facing E/W
T-40 E/S Gall Blvd. (7010), US301 2 S 10.5'x36' Y Pasco 229939 William $3,180.00 MTM Month to Month
3 M/N of SR 54 (Gulf Florida B1369-35 F. Nye Lease
Station), Facing N/S B1370-35 ABMM Inc.
T-41 N/S of SR 52, 2.9 M/E FL42 2 S 14'x48' Y Pasco 209642 Permanent $ -0- N/A
of US Hwy. 19 Facing Florida B1361-35 Easement
E/W B1362-35
T-42 S/S of Walsingham Rd. FL688 2 2 S 10'x30' Y Largo 9063 Antoni $3,600.00 4-7- Ten Yrs. w/Ten
(14530), .3 of a M/W Pinellas N/A Wincent 2009 Yr. Renewal
of Indian Rocks Rd., Niewiarowski Option
Facing E/W
T-43 S/S of Walsingham Rd. FL688 2 S 10'x30' Y Largo 9062 Antoni $3,600.00 4-7- Ten Yrs. w/Ten
(14590), .3 of a M/W Florida N/A Wincent 2009 Yr. Renewal
of Indian Rocks Rd., Niewiarowski Option
Facing E/W
T-44 W/S 4th St. N. (5590), FL687 2 S 10'x30' Y St. 11219050 Cassie $2,400.00 10-12/ Ten Yrs. w/
.2 of a M/N of 54th Petersburg Featherstone 2009 Ten Yr. Renewal
Ave., Facing N/S Florida Option
T-45 E/S of 66th St. N. SR693 2 S 10'6'x36' Y St. 13594 Warren $3,210.00 5-31/ Ten Yrs. w/
(4801), N of 48th Ave. Petersburg BA448-35 Mack & Sally 1999 Beginning 6-1-92
N. Facing N/S Florida BA449-35 Mack Weiner 1-2@ $2400;
3-5 @ 3,000,
6-8 @3600
T-46 E/S of US Hwy. 19 N. US19 2 S 10'6'x36' Y Pasco 098273 Rent-A- $3,600.00 12/31- 9 Yrs -7 Yrs
(4218), .3 of a M/N Florida B1367-35 Space 2002 @$300 Mo. &
of SR 54, Facing N/S B1368-35 Corp. 2 Yrs. @ $400
Mo.
T-47 S/S of SR 580 (2321), SR580 2 S 14'X48' Y Pinellas T8641 Sevald & $5,500.00 9-30/ to 2001; $5500;
.3 of a M/W of US Hwy. Florida BA948-35 Barbara 2006 to 2006; $6000
19, Facing E/W BA949-35 60 Day Notice of
Renewal Yr. 2001
T-48 W/S of US Hwy. 19 N. US19 2 S 12'x42' Y Pinellas Permanent N/A N/A
(39310), .4 of a M/N Florida AM944-10 Easement
of Klosterman Rd., AM945-10 Bradley
Facing N/S Plaza Assoc.
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-49 W/S of 66th St. at FL693 2 W 10'x28' Y Pinnellas 245029 Dorothy R. $1,605.00 4-14/2008 10 Yrs. w/10 Yr.
Bryan Dairy Rd. Florida BM896-35 Mills Renewal Option
Facing N/S BM897-35 Trustee
T-50 S/S Bay Pines Blvd. FL688 2 W 10'X36' Y Pinnellas 20266 Anthony $3,852.00 Yr. to Yr.
(8330), .3 of a M/W of Florida BL552-35 Barbato
Park St., Facing E/W BL553-35
T-51 E/S US Hwy. 19 S. US19 4 W 10'x28' Y Clearwater 72225 Jacinto $5,018.65 9-22/ 10 Yrs. w/10 Yr.
(12737), .5 of M/S of Stack Florida AX816-35 Rodriques 2008 Renewal Option
Ulmerton Rd. @ 126th A&B AX817-35 Yrs. 1-10@$5%
Ave. N., Facing N/S Ann. Increase
T-52 W/S Seminole Blvd. FL595 2 W 10'x40' Y Seminole 22619 Lazzara Oil $2,568.00 3-14/ 3 Yrs. w/3 Yrs.
(10998), at 110th Ave. Pinellas BL539-35 Michael A. 2001 Renewal Option
N., Facing N/S BL540-35 Lazzara Beginning 3-14-95
T-53 W/S of 49th St. N. CR611 2 W 10'x28' Y Clearwater 254050 Marshall $2,675.00 2-1-1999 3 Yrs.-1@$2675;
(12650), .4 of a M/S of Pinellas Harris 3@$2,949.19
Ulmerton Rd., Facing 1 Plastic N
N/S
T-54 W/S of 66th St. N. FL693 2 S 14'x48' Y Pinellas The Chris- $2,400.00 1-1/2016 10 Yrs. w/10 Yr.
(14444), .6 of a M/N of Florida BNA839-55 tian Renewal Option
Ulmerton Rd., Facing BNA840-55 Network
N/S
T-55 S/S of SR 52 (18950), FL52 2 S 10.5'x36' Y Pasco 238242 Anne T. $1,800.00 10-31 10 Yrs. w/10 Yr.
.1 of a M/E of US 41 Florida BG758-35 Calhoun 2015 Renewal Option
Facing E/W BG759-35 10 Yrs @$150 Mo.;
10 Yrs. @$200 Mo.
T-56 W/S of US 41 (50th US41 2 S 10.5'x36' Y Tampa 146682 Outdoor $1,597.50 Yr. to Yr. to Yr. Lease
St.), .5 of a M/N of Hills- BL734-35 Systems Yr. 4-1/ @$1500 + 6.5% tax
Crosstown Expressway, borough BL734-35 Adv. 3-31 or 25% of Gross
Facing N/S whichever is
greater.
TB-57 W/S of US 301, 2 M/N US301 2 S 12'x215' Y Pasco 224145 Store-Ete $1,200.00 6-30/ 5 Yrs. w/5 Yr.
of SR 52 Facing N/S Stack Florida BK522-35 Storage Renewal Option
(16031 US 301) A&B BK523-35 Rent $1200 Ann.
or 15% Gross
Income
TB-58 E/S of US 301, 50'N US301 2 S 12'x25' Y Pasco 209092 Scotty's $1,272.00 6-23/ 4 Yr. Lease-
of Morningside Dr. Facing Florida BJ370-55 Inc. 1998 Rent + 10% of
N/S (1720 US 301) BJ371-35 Gross Rev.
exceeding sum of
Min. Mo. Rent
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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TB-59 W/S of US 301, .1 of a US301 4 W 12'x25' Y Pasco 208836 Enza Orsi $1,200.00 8-4/2014 10 Yrs. w/10 Yr.
M/S of US 98 Facing Stack Florida BJ295-35 Renewal Option
N/S (11131 Hwy. 301) A&B BJ296-35 Rent $1200 or
10% Net
TB-60 W/S of US 301, .3 of a US301 4 W 12'x25' Y Pasco 208837 Enza Orsi $1,200.00 6-13/2014 10 Yrs. w/10 Yr.
M/S of US 98 Facing N/S Stack Florida BJ297-35 Renewal Option
(11131 Hwy. 301) A&B BJ298-35 Rent $1200 or
10% Net
TB-61 S/S of SR 54, 100'E of SR54 4 W 12'x25' Y Pasco 219395 H&S Realty $2,400.00 1-24/2002 7 Yrs;1@250;2&3
Allen Rd. Facing E/W Stack Florida BK129-35 Property Inc. @200;4/7@$250
A&B BK130-35 Inc. to $250
2-1-98
TB-62 N/S of SR 54, 1 M/W of SR54 4 W 12'x25' Y Pasco 205991 Dave & Data $1,200.00 8-16/2014 10 Yrs. w/10 Yr.
Seven Springs Blvd. Stack Florida BJ084-35 Schwendeman Renewal Option
(just W of Thys Rd.) A&B BJ085-35 Rent $1200
Facing E/W Ann. or 15% Net
TB-63 N/S of SR 54, .4 of a SR54 4 W 12'x25' Y Pasco 205009 Wendy's Old $1,399.20 8-8/109 5 Yr. Lease @
M/E of US 41 at Raden Stack Florida BJ194-35 Fashion $1399.20 Ann. or
Rd., Facing E/W A&B BJ195-35 Hamburger of 20% Gross
NY Inc.
TB-64 N/S of SR 52, .3 of a SR52 2 S 10.6'x36' Y Pasco 240444 One Pasco Ctr. $1,272.00 13-31/2014 10 Yrs w/10 Yr.
M/E of I-75 Facing E/W Florida BL310-35 % WREC Renewal Option
BL311-35
TB-65 S/S of SR 50, .4 of a SR50 2 W 10.6'x36' Y Hernando 95000433 Jack Melton $1,800.00 2-13/2015 10 Yrs.w/10 Yr.
M/W of I-75 Facing E/W Florida BK435-35 Family Inc. Renewal Option
(30220 E. Cortez Blvd.) BK436-36
TB-66 S/S of SR 50, at SR50 2 S 10.6'x36' Y Pasco 1009119 Gary J. Dame $3,000.00 5-31/2006 10 Yrs.
Junction of CR 570 and Florida BL730-35 Yvonne M.
SR 50, Facing E/W BL731-35 Dame
(15250 Cortez Blvd.)
TB-67 W/S of Dale Mabry, .2 SR597 2 S 10.6'x36' Y Pasco 243787 John M. Harris $2,400.00 4-2/2026 15 Yrs. w/15
M/S of US 41 Facing N/S Florida BL744-35 Gretchen W. Renewal Option
(1635 Dale Mabry) Bl745-35 Harris Rent $2400
Ann or 15% Net
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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TB-68 W/S of US Hwy. 19, US19 2 W 10.6'x36' Y Pasco 222958 Leonard $1,282.00 8-12/2015 10 Yrs. w/10 Yr.
3 M/S of County Line Florida BK473-35 Whitney Renewal Option
Rd. Facing N/S (16309 BK474-35 1st and Last months
US Hwy. 19) paid w/1st Mo.
TB-69 E/S of US Hwy. 19, .8 US19 2 S 10.6'x36' Y Pasco 219077 Tri County $1,800.00 8-04/2014 10 Yrs. w/10 Yr.
of a M/S of SR 52 Florida BJ082-35 Development/ Renewal Option
(11138 US Hwy. 19) BJ083-35 Pasco Rent $1800 Ann or
Facing N/S 35% Gross
TB-70 E/S of US Hwy 19, 1.3 US19 2 S 10.6'x36' Y Pasco 205012 Hao Wah Quach $1,800.00 8-04/2014 10 Yrs. w/10 Yr.
M/S of SR 52 (10704 Florida BM832-35 Renewal Option
US Hwy. 19) Facing N/S BM833-35
TB-71 W/S of I-75, 1.2 M/S 1-75 2 S 10.6'x36' Y Hernando 1004109 Jack Melton $2,004.00 6-17/2014 10 Yrs. + 10 Yrs:
of SR 50 Facing N/S Florida BK904-35 Family, Inc. 1-5@$167/6-10@
(4400 Lockhart Rd.) BK90-35 $185/11-15@ $200/
16-20@$220 Mo.
or 15% Net
TB-72 W/S of I-75, 1.8 M/S 1-75 2 S 10.6'x36' Y Hernando 1004108 Jack Melton $2,004.00 6-17/2016 10 Yrs. + 10 Yrs:
of SR 50 Facing N/S Florida BK908-35 Family, Inc. 1-5@$167/6-10@
(4400 Lockhart Rd.) BK909-35 $185/11-15@ $200/
16-20@$220 Mo.
or 15% Net
TB-73 W/S of I-75, 2 M/S 1-75 2 S 10.6'x36' Y Hernando 1003669 Jack Melton $2,004.00 3-21/2016 10 Yrs. + 10 Yrs:
of SR 50 Facing N/S Florida BK910-35 Family, Inc. 1-5@$167/6-10@
(4400 Lockhart Rd.) BK911-35 $185/11-15@ $200/
16-20@$220 Mo.
or 15% Net
TB-74 W/S of I-75, 2.3 M/S 1-75 2 S 10.6'x36' Y Hernando 1003668 Jack Melton $2,004.00 6-12/2016 10 Yrs. + 10 Yrs:
of SR 50 Facing N/S Florida BK912-35 Family, Inc. 1-5@$167/6-10@
(4400 Lockhart Rd.) BK913-35 $185/11-15@ $200/
16-20@$220 Mo.
or 15% Net
TB-75 W/S of I-75, .7 of a 1-75 2 S 10.6'x36' Y Hernando 1012190 Jack Melton $2,004.00 8-26/2016 10 Yrs. + 10 Yrs:
M/S of SR 50 Facing N/S Florida BM349-35 Family, Inc. 1-5@$167/6-10@
(5360 Lockhart Rd.) BM350-35 $185/11-15@ $200/
16-20@$220 Mo.
or 15% Net
TB-76 E/S of I-75, 2.3 M/S 1-75 2 S 10.6'x36' Y Hernando 1003151 Jack Melton $2,004.00 3-21/2016 10 Yrs. + 10 Yrs:
of SR 50 Facing N/S Florida BK629-35 Family, Inc. 1-5@$167/6-10@
(30107 Power Line Rd.) BK630-35 $185/11-15@ $200/
16-20@$220 Mo.
or 15% Net
TB-77 E/S of I-75, 2.7 M/S 1-75 2 S 10.6'x36' Y Hernando 1003670 Jack Melton $2,004.00 6-31/2016 10 Yrs. + 10 Yrs:
of SR 50 Facing N/S Florida BK902-35 Family, Inc. 1-5@$167/6-10@
(30107 Power Line Rd.) BK903-35 $185/11-15@ $200/
16-20@$220 Mo.
or 15% Net
TB-78 S/S of County Line 1-75 2 S 10.6'x36' Y Pasco 250219 Frank Oliver $1,200.00 6-31/2026 15 Yrs. w/15 Yr.
Rd., .5 M/W of Mariner Florida Renewal Option
Blvd., Facing E/W Rent $1200 Ann or
(Spring Hill) 10% Net
TB-79 W/S of I-75, 2.5 M/S of 1-75 2 S 10.6'x36' Y Hernando 1017270 Jack Melton $2,004.00 Constr- 10 Yrs. + 10 Yrs:
SR 50, Facing N/S Florida BN197-35 Family, uction 1-5@$167/6-10@
(4400 Lockhart Rd.) BN198-35 Inc. $185/11-15@ $200/
16-20@$220 Mo.
or 15% Net
T-80 N/S of E. Hillsborough US92 2 S 10.6'x36' Y Tampa 15365 Elias de la $1,500.00 11-01-2016 10 Yrs. w/10
Ave. (4130), .2 M/E of SR580 Florida BM909-35 Torre Renewal
49th St., Facing E/W BM910-35
T-81 N/S of E. Hillsborough US92 2 S 10.6'x36' Y Tampa 152853 Kirit A. $1,800.00 11-01-2016 10 Yrs. w/10
Ave. (1042), .2 M/E of SR580 Florida BM907-35 Patel Renewal
Nebraska, Facing E/W BM908-35
NUMBER FACES OWNED: 4
NUMBER FACES LEASED: 174 09-23-97
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Page 7 of 7
SCHEDULE 1(Y) - OTHER ASSETS
(a) All billings and accounts receivable of the Seller relating to or
arising from any outdoor advertising (relating to the Locations)
provided or made available for any period(s) after September 30,
1997.
(b) All of the books, records and documents of the Seller described in
Section 7(a)(xiv) of the Asset Purchase Agreement.
(c) Any non-competition, non-solicitation, non-interference, non-
disclosure or similar agreements, covenants and restrictions running
in favor of the Seller from any third party(ies) to the extent the
same pertain to the Locations.
SCHEDULE 1(AA) - PERMITS
See Attached.
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TAMPA MARKET
BILLBOARD PROPERTIES/LEASES
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T-1 S/S Park Blvd. (7290), FL694 2 S 10.5'x36' Y Pinellas Fred $3,000.00 12-01/2003 10 Yrs. w/10
.1 of a mile W of Florida N/A Herbst Option with
Belcher Rd., Facing E/W notice
T-2 E/S Clearwater-Largo US19A 2 S 10.5'x36' Y Pinellas Luis $2,400.00 4-27/Yr Year to Year
Rd. (1699), 1.5 M/N of Florida BL554-35 Botelko to Yr Lease
W. Bay Dr., Facing N/S BL555-35
T-3 E/S Park St. (5001), CR 1 2 S 10.5'x36' Y Pinellas 226761 Gloria $2,400.00 6-12-2007 10 Yrs w/Auto-
.5 of a M/N of Tyrone Florida N/A McCausland matic 10 Yr.
Blvd., Facing N/S Renewal
T-4 W/S 66th St. N (11980), FL693 2 S 10.5'x36' Y Pinellas 246112 RCL $2,500.00 12-1/1998 5 Yrs option to
1 M/S of Ulmerton Rd., Florida N/A Enterprises renew w/8% rent
Facing N/S Inc. increase
T-5 N/S Walsingham Rd. FL688 2 S 10'x30' Y Largo Larry R. $2,400.00 5-6/2008 10 Yrs. w/Auto-
(14461), .3 of a M/W of Florida N/A Horden matic 10 Yr.
Indian Rocks Rd., Renewal
Facing E/W
T-6 E/S Clearwater-Largo US19A 2 S 10'x30' Y Largo 0004026 Alvin J. $2,400.00 8-22/2008 10 Yrs. w/Auto-
Rd. (904), .5 of a M/N Florida N/A Smith matic 10 Yr.
of W. Bay Dr., Facing Renewal
N/S
T-7 S/S E. Bay Dr. (1995), FL686 2 S 10'x30' Y Largo Peter $2,400.00 12-13/2008 10 Yrs. w/Auto-
.2 of a M/W of Starkey Florida N/A Feth matic 10 Yr.
Rd., Facing E/W Renewal
T-8 S/S Sunset Point Rd. CR576 2 S 10.5'x36' Y Pinellas John $3,000.00 10-17/2008 10 Yrs. w/Auto-
(1947), .2 of a M/W of Florida N/A Gianfilippo matic 10 Yr.
Hercules Rd., Facing Renewal
E/W
T-9 E/S Alt. US 19 (1743), SR595 2 S 10.5'x36' Y Pinellas Russ & $2,400.00 6-9/2088 10 Yrs. w/Auto-
.4 of a M/N of Florida BM888-35 Brigitte matic 10 Yr.
Klosterman Rd., Facing BM889-35 Britton Renewal
N/S
T-10 N/S of SR 52 (10601), SR52 2 S 10.5'x36' Y Pasco 228122 U-Haul $2,250.00 7-31/2006 20 Yrs.-
.6 of a M/E of Hick Florida BL116-35 Partnership 8-1-86/91@$1400;
Rd., Facing E/W BL117-35 91/96@$1680;
8-1-96/01@2250;
01/06@$2820
T-11 W/S Clearwater/Largo US19A 2 S 10'x30' Y Largo Robert J. $2,800.00 4-27/2004 Ten Yr. Lease
Rd. (101), .1 of a M/N Florida N/A McDermott
of W. Bay Dr., Facing
N/S
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O L TRI SIZE OWNER RENT EXP COMMENTS
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T-12 S/S W. Bay D. (2261), FL686 1 S 10'x30' Y Largo 5151 Ernest & $1,800.00 6-17/2004 5 Yrs w/5 Yr
1 M/W of Clearwater- Single Pinellas N/A Thirza Auto. Renewal
Largo Rd., Facing E/W B Mortham
T-13 N/S SR 54, .1 of a M/W FL54 2 S 10.5'x36' Y Pasco 120758 Todd Woods $2,500.00 12-1/2006 10 Yrs w/5 Yr
of Collier Parkway, Florida BK983-35 Enterprises Auto Renewal
Facing E/W BK984-35
T-14 N/S SR 54, .3 of a M/W FL54 2 S 10.5'x36' Y Pasco 120758 Todd Woods $2,500.00 12-1/2006 10 Yrs. w/5 Yr
of Collier Parkway, Florida BI835-35 Enterprises Auto Renewal
Facing E/W BI836-35
T-15 E/S Land 'O' Lakes US41 2 S 14'x48' Y Pasco 228914 J. E. $2,025.90 1-5/2005 5 Yrs w/two
Blvd. (5400), 3 M/N of Florida BG460-35 Harvey & 5 Yr. Renewals
SR 54, Facing N/S BG461-35 Emma Lou with written
Harvey request - 3%
Ann. Increases
T-16 E/S Land '0' Lakes US41 2 S 10.5'x36' Y Pasco 260999 Phillip $2,086.70 3-2-2005 5 Yrs w/two 5
Blvd. (2914), US 41, Florida BN841-55 White Yr. Renewals
.5 M/N of SR 54, BN842-55 with written
Facing N/S request - 3%
Ann. Increases
T-17 E/S Land 'O' Lakes US41 2 S 10.5'x36' Y Pasco 228915 Norman $1,800.00 5-15/2005 Two 5 Yr.
Blvd. (5710), 3.3 M/N Florida BC097-35 Conaty options to
of SR 54, Facing N/S BC098-35 renew with 5%
rent increases
T-18 E/S Cortez Blvd. FL577 2 S 10.5'x36' Y Hernando 8704360 Vance $1,273.08 12-1/2007 Auto Renewal
(18845), .4 of a M/S of Florida BM809-35 Revennaugh Yr. to Yr. w/3%
SR 50, Facing N/S BM810-35 Inc. every
other year
T-19 E/S US Hwy. 19, 10.2 US19 2 S 10.5'x36' Y Hernando Joseph $1,200.00 6-30-03 15 Yrs. w/ a 10
M/N of SR 50 at Kelso Florida AR840-35 D'Ettore Yr. Option to
Rd., Facing N/S AR841-35 renew Same
Terms to 2013
T-20 E/S US Hwy. 19 S. US19 2 S 14'x48' Y Pinellas 2557 Butler $5,500.00 7-10/1099 $5500 or 16%
(10815), .6 of a M/S Florida AY601-35 Carpet net revenue
of 110th Ave., Facing AY602-35 Co.
N/S
T-21 S/S E. Bay Dr. (2805), FL686 2 S 10'x30' Y Largo 7794 Ralph Braun $3,000.00 12-31/2003 Ten Yrs: Yrs
.3 of a M/E of Starkey Florida N/A Braun Corporation 1-5@$3000 Ann.
Rd., Facing E/W & Yrs. 6-10
@$3600 Ann.
T-22 N/S E. Bay Dr. (5200), FL686 2 S 10'x30' Y Largo 6691 Am South $3,600.00 2-14/2000 5 Yr. Option
.2 of a M/W of US Hwy. Pinellas N/A Bank to Renew
19, Facing E/W
T-23 N/S E. Bay Dr. (1198), FL686 2 S 10'x30' Y Largo 8449 Valerie L. $4,800.00 11-1/1999 10 Yrs. w/10
W of Highland Ave. Florida N/A Ayers Yr. Option to
Facing N/S renew to 2009
with conditions
T-24 E/S of US Hwy 19 S. US19 2 S 14'x48' Y Pinellas 6171 James T. $7,200.00 12-31-1999 10 Yr. Lease
(10925), at 110th Ave. Florida AY984-35 Paul
Facing N/S AY985-35
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O L TRI SIZE OWNER RENT EXP COMMENTS
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T-25 W/S 34th St. (4550), US19 2 S 14'x48' Y Pinellas 7641 Mark A. $4,500.00 9-14/2002 10 Yr. Lease
.6 of a M/N of 38th Florida AZ166-35 LaPrade
Ave. N., Facing N/S AZ167-35
T-26 W/S of 34th St. N. US19 2 S 14'x48' Y Pinellas BI363-35 Doug $5,903.57 12-1/1098 10 Yr. Lease w/
(6190), US Hwy. 19, at Florida BI364-35 Lowery & 3% Ann.
62nd Ave., Facing N/S Ben Sudduth Increases
beginning at
$4800 or 15%
gross
T-27 W/S Madison Ave. FL54 2 S 10.5'x36' Y Pasco BQ153-55 Armstrong $2,737.32 8-1/1997 8 Yr. Lease -
(4051), 300'N of SR 54 Florida BQ154-55 Plaza for no option for
Facing N/S Thomas Renewal
Daniel
T-28 E/S US Hwy. 19 N. US19 2 S 10'x20' Y Pasco BI517-35 Invesco New $1,500.00 7-30/2007 10 Yrs. w/10
(7404), .1 of a M/S of Florida BI518-35 Port Richey Yr. renewal
Port Richey Bridge, Corp. option @ same
Facing N/S rent of $1500
or 15% Gr.
Income
T-29 S/S of SR 54 (5226), FL54 2 S 14'x48' Y Pasco BI573-35 Dominick $3,646.52 8-31/2008 20 Yr. Lease w/
.6 of a M/E of US Hwy. Florida BI574-35 Macaluso Yr. to Yr.
19, Facing E/W Renewal Rent
$3000 w/5% ann.
increase
T-30 W/S of Land '0' Lakes US41 2 S 10.5'x36' Y Pasco 217551 Ridge Manor $2,000.00 8-20/2006 20 Yr. Lease w/
Blvd. (6105), 3.7 M/N Florida BD726-35 Properties Yr. to Yr.
of SR 54, Facing N/S BD727-35 Renewal
T-31 E/S US Hwy. 19 (16642), US19 2 S 14'x48' Y Pasco BI365-35 Peter Wong $2,000.00 6-2/2007 10 Yrs. w/10
5.4 M/N of SR 52 Florida BI366-35 & Gim Mar Yr. renewal
Facing N/S option @ $2000
Ann. or 15%
Gross Income
T-32 S/S Cortez Blvd. FL50 2 S 10.5'x36' Y Hernando AU153-35 Thomas H. $1,311.27 10-31/2007 20 Yr. Lease w/
(15430), 6.3 M/E of Florida AU154-35 White Yr. to Yr.
US Hwy. 19, Facing E/W Renewal at $1200
w/3% Inc. every
2nd Year
T-33 N/S Cortez Blvd. FL50 2 S 10.5'x36' Y Hernando BD438-35 John Ames $1,445.14 12-31/2007 20 Yr. Lease w/
(28363), 1.8 M/W of Florida BD439-35 Yr. to Yr.
I-75 Facing E/W Renewal at $1200
w/3% Inc. every
2nd Year
T-34 E/S S. Missouri Ave. US19A 2 S 14'x48' Y Pinellas BL541-35 Robert $1,605.00 10-31/2003 Ten Yrs. from
(1535), .2 of a M/N of Florida BL542-35 Keller 11-1-93; 1-5@
Belleair Rd., Facing $1605; Yrs.
N/S 6-10@$2675 Ann.
T-35 E/S S. Missouri Ave. US19A 2 S 14'x48' Y Pinellas BL543-35 Ronald E. $2,000.00 11-28/2006 Ten Yrs. w/ Ten
(1477), .4 of a M/N of Florida BL544-35 Smith Yr. renewal
Belleair Rd., Facing option
N/S
T-36 W/S Clearwater-Largo US19A 2 S 12'x25' Y Largo N/A Lee & Karen $1,500.00 1-30/2007 Ten Yrs. w/ Ten
Rd. (1509), 1 M/N of Florida Johnson Yr. renewal
Belleair Rd., Facing option from
N/S 1-30-87 then
Yr. to Yr.
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O L TRI SIZE OWNER RENT EXP COMMENTS
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T-37 N/S Walsingham Rd. FL688 2 S 10'x30' Y Largo N/A Joyce $1,500.00 5-24/2004 Ten Yrs. w/Ten
(14385), .3 of a M/W of Pinellas Westphal Yr. renewal
Indian Rocks Rd., option then
Facing E/W Yr. to Yr.
T-38 S/S E. Bay Dr. (5105), FL686 4 S 10'x30' Y Largo N/A Lonnie Orns $2,000.00 1-4/2004 Ten Yrs. w/10
.3 of a M/W of US Hwy. TRI Pinellas Automotive Yr. renewal
19, Facing E/W B Realty option then
Assoc. Yr. to Yr.
T-39 N/S W. Bay Dr. (1400), FL686 2 S 10'x30' Y Largo Ronald R. $1,605.00 5-12/2007 Ten Yrs. w/10
.5 of a M/W of Pinellas and Joan A. Yr. renewal
Clearwater-Lago Rd., Daniels option then
Facing E/W Yr. to Yr.
T-40 E/S Gall Blvd. (7010), US301 2 S 10.5'x36' Y Pasco 229939 William F. $3,180.00 MTM Month to Month
3 M/N of SR 54 (Gulf Florida BI369-35 Nye Lease
Station), Facing N/S BI370-35 ABMM Inc.
T-41 N/S of SR 52, 2.9 M/E FL52 2 S 14'x48' Y Pasco 209642 Permanent $ -0- N/A
of US Hwy. 19 Facing Florida BI361-35 Easement
E/W BI362-35
T-42 S/S of Walsingham Rd. FL688 2 S 10'x30' Y Largo 9063 Antoni & $3,600.00 4-7-2009 Ten Yrs. w/Ten
(14530), .3 of a M/W Pinellas N/A Wincent Yr. renewal
of Indian Rocks Rd., Niewiarowski option
Facing E/W
T-43 S/S of Walsingham Rd. FL688 2 S 10'x30' Y Largo 9062 Antoni & $3,600.00 4-7-2009 Ten Yrs. w/Ten
(14590), .3 of a M/W Florida N/A Wincent Yr. renewal
of Indian Rocks Rd., Niewiarowski option
Facing E/W
T-44 W/S 4th St. N. (5590), FL687 2 S 10'x30' Y St. 11219050 Cassie $2,400.00 10-12/2009 Ten Yrs. w/Ten
.2 of a M/N of 54th Petersburg N/A Featherstone Yr. renewal
Ave., Facing N/S Florida option
T-45 E/S of 66th St. N. SR693 2 S 10.6'x6' Y Pinellas 13594 Warren Mack $3,210.00 5-31/1999 Ten Yrs.-
(4801), N of 48th Ave. Florida BA448-35 & Sally Beginning
N. Facing N/S BA449-35 Mack Weiner 6-1-92 Yrs.
1-2@$2400;
3-5@$3000;
6-8@$3600
T-46 E/S of US Hwy. 19 N. US19 2 S 10.6'x6' Y Pasco 098273 Rent-A- $3,600.00 12-31-2002 9 Yrs. - 7 Yrs.
(4218), .3 of a M/N Florida BI367-35 Space Corp. @$300 Mo. & 2
of SR 54, Facing N/S BI368-35 Yrs.@$400 Mo.
T-47 S/S of SR 580 (2321), SR580 2 S 14'x48' Y Pinellas T8641 Sevald & $5,500.00 9-30/2006 to 2001: $5500;
.3 of a M/W of US Hwy. Florida BA948-35 Barbara to 2006: $6000
19, Facing E/W BA949-35 Nielsen 60 Day Notice
of Renewal Yr.
2001
T-48 W/S of US Hwy. 19 N. US19 2 S 12'x42' Y Pinellas AM944-10 Permanent N/A N/A
(39310), .4 of a M/N Florida AM945-10 Easement
of Klosterman Rd., Bradley
Facing N/S Plaza Assoc.
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-49 W/S of 66th St. at FL693 2 W 10'x28' Y Pinellas 245029 Dorothy $1,605.00 4-14/2008 10 Yrs. w/10
Bryan Dairy Rd. Florida BM896-35 R. Mills, Yr. Renewal
Facing N/S BM897-35 Trustee Option
T-50 S/S Bay Pines Blvd. FL688 2 W 10'x36' Y Pinellas 20266 Anthony $3,852.00 Yr. to Yr.
(8330), .3 of a M/W of Florida BL552-35 Barbato
Park St., Facing E/W BL553-35
T-51 E/S US Hwy. 19 S. US19 4 W 10'x28' Y Clearwater 72225 Jacinto $5,018.65 9-22/2008 10 Yrs. w/10
(12737), .5 of M/S of Stack Pinellas AX816-35 Rodriques Yr. Renewal
Ulmerton Rd. @ 126th A&B AX817-35 Option Yrs.
Ave. N., Facing N/S 1-10@$5% ann.
increase
T-52 W/S Seminole Blvd. FL595 2 W 10'x40' Y Seminole 22619 Lazzara $2,568.00 3-14-2001 3 Yrs. w/3 Yrs.
(10998), at 110th Ave. Pinellas BL539-35 Oil Co. Renewal Option
N., Facing N/S BL540-35 Michael A. Beginning
Lazzara 3-14-95
T-53 W/S of 49th St. N. CR611 2 W 10'x28' Y Clearwater 254050 Marshall $2,675.00 2-1-1999 3 Yrs. -
(12650), .4 of a M/S of Pinellas Harris 1@$2675;
Ulmerton Rd., Facing 2@$2808.75;
N/S 3@$2,949.19
1 Plastic 5'x15' N
T-54 W/S of 66th St. N. FL693 2 S 14'x48' Y Pinellas The $2,400.00 1-1/2016 10 Yrs w/10
(14444), .6 of a M/N of Florida BN839-55 Christian Yr. Renewal
Ulmerton Rd., Facing BN840-55 Network Option
N/S
T-55 S/S of SR 52 (18950), FL52 2 S 10.5'x36' Y Pasco 238242 Ann T. $1,800.00 10-31-2015 10 Yrs w/10
.1 of a M/E of US 41 Florida BG758-35 Calhoun Yr. Renewal
Facing E/W (Dade City) BG759-35 Option 10 Yrs
@$150 Mo.;
10 Yrs.@$200
Mo.
T-56 W/S of US 41 (50th US41 2 S 10.5'x36' Y Tampa 1466282 Outdoor $1,597.50 Yr. to Yr. Yr. to Yr.
St.), .5 of a M/N of Hills- BL734-35 Systems 4-1/3-31 Lease@$1500+
Crosstown Expressway, borough BL735-35 Adv. 6.5% Tax or 25%
Facing N/S of Gross
whichever is
greater
TB-57 W/S of US 301, 2 M/N of US301 4 S 12'x25' Y Pasco 224145 Store-Ete $1,200.00 6-30/2005 5 Yrs. w/5 Yr.
SR 52 Facing N/S Stack Florida BK522-25 Storage Renewal Option
(16031 US 301) A&B BK523-35 Rent $1200 Ann
or 15% Gross
Income
TB-58 E/S of US 301, 50'N of US301 2 S 12'x25' Y Pasco 209092 Scotty's $1,272.00 6-23/1998 4 Yr. Lease-
Morningside Dr. Facing Florida BJ370-35 Inc. Rent + 10% of
N/S (1720 US 301) BJ371-35 Gross Rev.
exceeding sum
of Min. Mo.
Rent
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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TB-59 W/S of US 301, .1 of a US301 4 W 12'x25' Y Pasco 208836 Enza $1,200.00 8-4/2014 10 Yrs. w/ 10
M/S of US 98 Facing Stack A&B Florida BJ295-35 Orsi Yr. Renewal
N/S (11131 Hwy. 301) BJ296-35 Option Rent
$1200 or 10% Net
TB-60 W/S of US 301, .3 of a US301 4 W 12'x25' Y Pasco 208837 Enza $1,200.00 6-13/2014 10 Yrs. w/ 10
M/S of US 98 Facing N/S Stack A&B Florida BJ297-35 Orsi Yr. Renewal
(11131 Hwy. 301) BJ298-35 Option Rent
$1200 or 10%
Net
TB-61 S/S of SR 54, 100'E of SR54 4 W 12'x25' Y Pasco 219395 H&S Realty $2,400.00 1-24/2002 7 Yrs.:1@$250;
Allen Rd. Facing E/W Stack A&B Florida BK129-35 Property 4/7@$250 Inc.
BK130-35 Inc. to $250 2-1-98
TB-62 N/S of SR 54, 1 M/W of SR54 4 W 12'x25' Y Pasco 205991 Dave & $1,200.00 8-16/2014 10 Yrs. w/ 10
Seven Springs Blvd. Stack A&B Florida BJ084-35 Darla Yr. Renewal
(just W of Thys Rd.) BJ085-35 Schwendeman Option Rent
Facing E/W $1200 Ann. or
15% Net
TB-63 N/S of SR 54, .4 of a SR54 4 W 10.6'x36' Y Pasco 205009 Wendy's Old $1,399.20 8-8/109 5 Yr. Lease @
M/E of US 41 at Raden Stack A&B Florida BJ194-35 Fashion $1399.20 Ann.
Rd., Facing E/W BJ195-35 Hamburgers or 20% Gross
of NY Inc.
TB-64 N/S of SR 52, .3 of a SR52 2 S 10.6'x36' Y Pasco 240444 One Pasco $1,272.00 13-31/2014 10 Yrs. w/ 10
M/E of I-75 Facing E/W Florida BL310-35 Center % Yr. Renewal
BL311-35 WREC Option
TB-65 S/S of SR 50, .4 of a SR50 2 W 10.6'x36' N Hernando 9500433 Jack $1,800.00 2-13/2015 10 Yrs. w/ 10
M/W of I-75 Facing E/W Florida BK435-35 Melton Yr. Renewal
(30220 E. Cortez Blvd.) BK436-35 Family, Option
Inc.
TB-66 S/S of SR 50, at SR50 2 S 10.6'x36' Y Hernando 1009119 Gary J. Dame $3,000.00 5-31/2006 10 Yrs.
Junction of CR 570 and Florida BL730-35 Yvonne M.
SR 50, Facing E/W BL731-35 Dame
(15250 Cortez Blvd.)
TB-67 W/S of Dale Mabry, .2 SR597 2 S 10.6'x36' Y Pasco 243787 John M. $2,400.00 4-2/2026 15 Yrs. w/ 15
M/S of US 41 Facing N/S Florida BL744-35 Harris Yr. Renewal
(1635 Dale Mabry) BL745-35 Gretchen W. Option Rent
Harris $2400 Ann or
15% Net
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TB-68 W/S OF US Hwy. 19, 3 US19 2 W 10.6'x36' Y Pasco 222958 Leonard $1,282.00 8-12/2015 10 Yrs. w/ 10
M/S of County Line Rd. Florida BK473-35 Whitney Yr. Renewal
Facing N/S (16309 US BK474-35 Option 1st and
Hwy. 19) Last months
paid w/ 1st Mo.
TB-69 E/S of US Hwy. 19, .8 US19 2 S 10.6'x36' Y Pasco 219077 Tri County $1,800.00 8-4/2104 10 Yrs. w/ 10
a M/S of SR 52 (11138 Florida BJ082-35 Development/ Yr. Renewal
US Hwy. 19) Facing N/S BJ083-35 Pasco Option Rent
$1800 Ann or
35% Gross
TB-70 E/S of US Hwy. 19, 1.3 US19 2 S 10.6'x36' Y Pasco 20512 Hao Wah $1,800.00 8-4/2014 10 Yrs. w/ 10
M/S of SR 52 (10704 US Florida BM832-35 Quach Yr. Renewal
Hwy. 19) Facing NS BM833-35 Option
TB-71 W/S of I-75, 1.2 M/S I-75 2 S 10.6'x36' Y Hernando 1004109 Jack Melton $2,004.00 6-17/2016 10 Yrs. + 10
of SR 50 Facing N/S Florida BK904-35 Family, Inc. Yrs: 1-5@$167/
(4400 Lockhart Rd.) BK90-35 6-10@$185/
11-15@$200/
16-20@$220 Mo.
or 15% Net
TB-72 W/S of I-75, 1.8 M/S I-75 2 S 10.6'x36' Y Hernando 1004108 Jack Melton $2,004.00 6-17/2016 10 Yrs. + 10
of SR 50 Facing N/S Florida BK908-35 Family, Inc. Yrs: 1-5@$167/
(4400 Lockhart Rd.) BK909-35 6-10@$185/
11-15@$200/
16-20@$220 Mo.
or 15% Net
TB-73 W/S of I-75, 2 M/S I-75 2 S 10.6'x36' Y Hernando 1003669 Jack Melton $2,004.00 3-21/2016 10 Yrs. + 10
of SR 50 Facing N/S Florida BK910-35 Family, Inc. Yrs: 1-5@$167/
(4400 Lockhart Rd.) BK911-35 6-10@$185/
11-15@$200/
16-20@$220 Mo.
or 15% Net
TB-74 W/S of I-75, 2.3 M/S I-75 2 S 10.6'x36' Y Hernando 1003668 Jack Melton $2,004.00 6-12/2016 10 Yrs. + 10
of SR 50 Facing N/S Florida BK912-35 Family, Inc. Yrs: 1-5@$167/
(4400 Lockhart Rd.) BK913-35 6-10@$185/
11-15@$200/
16-20@$220 Mo.
or 15% Net
TB-75 W/S of I-75, .7 of a I-75 2 S 10.6'x36' Y Hernando 1012190 Jack Melton $2,004.00 8-26/2016 10 Yrs. + 10
M/S of SR 50 Facing N/S Florida BM349-35 Family, Inc. Yrs: 1-5@$167/
(5360 Lockhart Rd.) BM350-35 6-10@$185/
11-15@$200/
16-20@$220 Mo.
or 15% Net
TB-76 E/S of I-75, 2.3 M/S I-75 2 S 10.6'x36' Y Hernando 1003151 Jack Melton $2,004.00 3-21/2016 10 Yrs. + 10
of SR 50 Facing N/S Florida BK629-35 Family, Inc. Yrs: 1-5@$167/
(30107 Power Line Rd.) BK630-35 6-10@$185/
11-15@$200/
16-20@$220 Mo.
or 15% Net
TB-77 E/S of I-75, 2.7 M/S I-75 2 S 10.6'x36' Y Hernando 1003670 Jack Melton $2,004.00 3-21/2016 10 Yrs. + 10
of SR 50 Facing N/S Florida BK902-35 Family, Inc. Yrs: 1-5@$167/
(30107 Power Line Rd.) BK903-35 6-10@$185/
11-15@$200/
16-20@$220 Mo.
or 15% Net
TB-78 S/S of County Line 2 S 10.6'x36' Y Pasco 250219 Frank $1,200.00 6-31/2026 15 Yrs. w/15
Rd., .5 M/W of Mariner Florida Oliver Yr. Renewal
Blvd., Facing E/W Option Rent
(15718 County Line Rd.) $1200 Ann or
10% Net
TB-79 W/S of I-75, 2.5 M/S of I-75 2 S 10.6'x36' Y Hernando 1017270 Jack Melton $2,004.00 Con- 10 Yrs. + 10
SR 50, Facing N/S Florida BN197-35 Family, Inc. struction Yrs: 1-5@$167/
(4400 Lockhart Rd.) BN198-35 6-10@$185/
11-15@$200/
16-20@$220 Mo.
or 15% Net
T-80 N/S of E. Hillsborough US92 2 S 10.6'x36' Y Tampa 153658 Elias de la $1,500.00 11-01-2016 10 Yrs. w/10
Ave. (4130), .2 M/E of SR580 Florida BM909-35 Torre Renewal
40th St., Facing E/W BM910-35
T-81 N/S of E. Hillsborough US92 2 S 10.6'x36' Y Tampa 152853 Kirit A. $1,800.00 11-01-2016 10 Yrs. w/10
Ave. (1042), .2 M/E of SR580 Florida BM907-35 Patel Renewal
Nebraska, Facing E/W BM908-35
NUMBER FACES OWNED: 4
NUMBER FACES LEASED: 174
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Page 7 of 7
SCHEDULE 1(AI) - UNBUILT LOCATIONS
None.
SCHEDULE 2(C) - SELLER'S WIRE TRANSFER INSTRUCTIONS
See attached.
WIRE TRANSFER INSTRUCTIONS
ACCOUNT NAME PAXSON COMMUNICATIONS CORPORATION
BANK NAME FIRST UNION NATIONAL BANK
ABA#: 063000021
ACCOUNT NUMBER 2090002226777
SCHEDULE 2(D)(II) - PERCENTAGE LEASES
See attached.
TAMPA MARKET
BILLBOARD PROPERTIES ANNUAL LEASED VS % NET REVENUE
[Enlarge/Download Table]
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BB# LOCATION HWY. DISPLAY ST/CO/CTY PROPERTY GROUND LEASE CONDITIONS/COMMENTS
SIZE OWNER RENT EXP
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T-20 E/S US Hwy. 19 S (10815), US19 14'x48' Pinellas Butler Carpet Co. $ 5,500.00 7-10/1099 5500 of 16% net revenue
.6 of a M/S of 110th Ave., Florida
Facing N/S
T-26 W/S of 34 St. N. (6190), US19 14'x48' Pinellas Doug Lowery & $ 5,903.57 12-1/1098 10 Yr. Lease w/3% Ann.
US Hwy. 19 at 62nd Ave., Florida Ben Sudduth Increases beginning at
Facing N/S $4800 or 15% gross
T-28 E/S US Hwy. 19 N (7404), US19 10'x20' Pasco Invesco New Port $ 1,500.00 7-30/2007 10 Yrs w/10 Yr. renewal
.1 of a M/S of Port Florida Richey Corp. option @ same rent of
Richey Bridge, Facing $1500 or 15% Gr. Income
N/S
T-31 E/S US Hwy. 19 (16642), US19 14'x48' Pasco Peter Wong & $ 2,000.00 6-2/2007 10 Yrs w/10 Yr. renewal
5.5 M/N of SR 52 Florida Gim Mar option @ $2000 Ann. or
Facing N/S 15% Gross Income
T-56 W/S of US 41 (50th St.), US41 10.5'x36' Tampa Outdoor Systems Adv. $ 1,597.50 Yr. to Yr. Yr. to Yr. Lease @1500 +
.5 of a M/N of Crosstown Hillsborough 4-1/3-31 6.5% Tax or 25% of Gross
Expressway, Facing N/S whichever is greater
TB-57 W/S of US 301, 2 M/N of US301 12'x25' Pasco Stor-Ete Storage $ 1,200.00 6-30/2005 5 Yrs. w/5 Yr. Renewal
SR 52 Facing N/S (16031 Florida Option Rent $1200 Ann or
US 301) 15% Gross Income
TB-58 E/S of US 301, 50' N of US301 12'x25' Pasco Scotty's Inc. $ 1,272.00 6-23/1998 4 Yr. Lease-Rent + 10%
Morningside Dr. Facing Florida of Gross Rev. exceeding
N/S (1720 US 301) sum of Min. Mo. Rent
TB-59 W/S of US 301, .1 of a US301 12'x25' Pasco Enza Orsi $ 1,200.00 8-4/2014 10 Yrs. w/10 Yr. Renewal
M/S of US 98 Facing Florida Option Rent $1200 or
N/S (11131 Hwy. 301) 10% Net
TB-60 W/S of US 301, .3 of a US301 12'x25' Pasco Enza Orsi $ 1,200.00 6-13/2014 10 Yrs. w/10 Yr. Renewal
M/S of US 98 Facing Florida Option Rent $1200 Ann.
N/S (11131 Hwy. 301) or 10% Net
TB-62 N/S of SR 54, 1 M/W of SR54 12'x25' Pasco Dave & Darla $ 1,200.00 8-16/2014 10 Yrs. w/10 Yr. Renewal
Seven Springs Blvd. Florida Schwendeman Option Rent $1200 Ann.
Facing E/W (6325 SR 54) or 15% Net
Page 1
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BB# LOCATION HWY. DISPLAY ST/CO/CTY PROPERTY GROUND LEASE CONDITIONS/COMMENTS
SIZE OWNER RENT EXP
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TB-63 N/S of 2328 SR 54 at Raden SR54 12'x25' Pasco Wendy's Old Fashion $ 1,399.20 8-8/109 5 Yr. Lease @$1399.20
Dr., .4 of a M/E of US 41, Florida Hamburgers of NY Inc. Ann. or 20% Gross
Facing E/W
TB-67 W/S of Dale Mabry, .2 M/S SR597 10.6'x36' Pasco John M. Harris $ 2,400.00 4-2/2026 15 Yrs. w/15 Yr. Renewal
of US 41 Facing N/S (1635 Florida Gretchen W. Harris Option Rent $2400 Ann or
Dale Mabry) 15% Net
TB-69 E/S of US Hwy. 19, .8 of US19 10.6'x36' Pasco Tri County $ 1,800.00 8-4/2014 10 Yrs. w/10 Yr. Renewal
a M/S of SR 52 (11138 US Florida Development/Pasco Option Rent $1800 Ann. or
Hwy. 19) Facing N/S 35% Gross
TB-71 W/S of I-75, 1.2 M/S of I-75 10.6'x36' Hernando Jack Melton $ 2,004.00 6-17/2016 10 Yrs. +10 Yrs:1-5 @
SR 50 Facing N/S (4400 Florida Family, Inc. $167/6-10@$185/11-15@
Lockhart Rd.) $200/16-20@$220 Mo. or
15% Net
TB-72 W/S of I-75, 1.8 M/S of I-75 10.6'x36' Hernando Jack Melton $ 2,004.00 6-17/2016 10 Yrs. +10 Yrs:1-5 @
SR 50 Facing N/S (4400) Florida Family, Inc. $167/6-10@$185/11-15@
Lockhart Rd.) $200/16-20@$220 Mo. or
15% Net
TB-73 W/S of I-75, 1.3 M/S of I-75 10.6'x36' Hernando Jack Melton $ 2,004.00 3-21/2016 10 Yrs. +10 Yrs:1-5 @
SR 50 Facing N/S (4400) Florida Family, Inc. $167/6-10@$185/11-15@
Lockhart Rd.) $200/16-20@$220 Mo. or
15% Net
TB-74 W/S of I-75, 2.3 M/S of I-75 10.6'x36' Hernando Jack Melton $ 2,004.00 6-12/2016 10 Yrs. +10 Yrs:1-5 @
SR50 Facing N/S (4400 Florida Family, Inc. $167/6-10@$185/11-15@
Lockhart Rd.) $200/16-20@$220 Mo. or
15% Net
TB-75 W/S of I-75, 7 of a M/S I-75 10.6'x36' Hernando Jack Melton $ 2,004.00 8-26/2016 10 Yrs. +10 Yrs:1-5 @
of SR 50 Facing N/S Florida Family, Inc. $167/6-10@$185/11-15@
(5360 Lockhart Rd.) $200/16-20@$220 Mo. or
15% Net
TB-76 E/S of I-75, 2.3 M/S of I-75 10.6'x36' Hernando Jack Melton $ 2,004.00 3-21/2016 10 Yrs. +10 Yrs:1-5 @
SR 50 Facing N/S (30107 Florida Family, Inc. $167/6-10@$185/11-15@
Power Line Rd.) $200/16-20@$220 Mo. or
15% Net
TB-77 E/S of I-75, 2.7 M/S of I-75 10.6'x36' Hernando Jack Melton $ 2,004.00 3-21/2016 10 Yrs. +10 Yrs:1-5 @
SR 50 Facing N/S (30107 Florida Family, Inc $167/6-10@$185/11-15@
Power Line Rd.) $200/16-20@$220 Mo. or
15% Net
TB-78 S/S of County Line Rd. 10.6'x36' Pasco Frank Oliver $ 1,200.00 6-31/2026 15 Yrs. w/15 Yr. Renewal
(15718), .5 M/W of Florida Option Rent $1200 Ann or
Mariner Blvd., Facing 10% Net
E/W (Spring Hill)
Page 2
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BB# LOCATION HWY. DISPLAY ST/CO/CTY PROPERTY GROUND LEASE CONDITIONS/COMMENTS
SIZE OWNER RENT EXP
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TB-79 W/S of I-75, 2.5 M/S of I-75 10.6'x36' Hernando Jack Melton $ 2,004.00 5-31/2017 10 Yrs + 10Yrs: 1-5
SR 50, Facing N/S (4400 Florida Family, Inc. @ $167/6-10@$185/
Lockhard Rd.) 11-15@ $200/16-20@
$220 Mo. or 15% Net
Page 3
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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T-49 W/S of 66th St. at
Bryan Dairy Rd.
Facing N/S
T-50 S/S Bay Pines Blvd.
(8330), .3 of a M/W of
Park St., Facing E/W
T-51 E/S US Hwy. 19 S.
(12737), .5 of M/S of
Ulmerton Rd. @ 126th
Ave. N., Facing N/S
T-52 W/S Seminole Blvd.
(10998), at 110th Ave.
N., Facing N/S
T-53 W/S of 49th St. N.
(12650), .4 of a M/S of
Ulmerton Rd., Facing
N/S
T-54 W/S of 66th St. N.
(14444), .6 of a M/N of
Ulmerton Rd., Facing
N/S
T-55 S/S of SR 52 (18950),
.1 of a M/E of US 41
Facing E/W
T-56 W/S of US 41 (50th
St.), .5 of a M/N of
Crosstown Expressway,
Facing N/S
TB-57 W/S of US 301, 2 M/N of
SR 52 Facing N/S
(16031 US 301)
TB-58 E/S of US 301, 50'N of
Morningside Dr. Facing
N/S (1720 US 301)
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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TB-59 W/S of US 301, .1 of a
M/S of US 98 Facing
N/S (11131 Hwy. 301)
TB-60 W/S of US 301, .3 of a
M/S of US 98 Facing N/S
(11131 Hwy. 301)
TB-61 S/S of SR 54, 100'E of
Allen Rd. Facing E/W
TB-62 N/S of SR 54, 1 M/W of
Seven Springs Blvd.
(just W of Thys Rd.)
Facing E/W
TB-63 N/S of SR 54, .4 of a
M/E of US 41 at Raden
Rd., Facing E/W
TB-64 N/S of SR 52, .3 of a
M/E of I-75 Facing E/W
TB-65 S/S of SR 50, .4 of a
M/W of I-75 Facing E/W
(30220 E. Cortez Blvd.)
TB-66 S/S of SR 50, at
Junction of CR 570 and
SR 50, Facing E/W
(15250 Cortez Blvd.)
TB-67 W/S of Dale Mabry, .2
M/S of US 41 Facing N/S
(1635 Dale Mabry)
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[Enlarge/Download Table]
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BB# LOCATION HWY. FACES W/S/ DISPLAY LIT ST/CO/CTY PERMITS PROPERTY GROUND LEASE CONDITIONS/
O L TRI SIZE OWNER RENT EXP COMMENTS
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TB-68 W/S of US Hwy. 19,
3 M/S of County Line
Rd. Facing N/S (16309
US Hwy. 19)
TB-69 E/S of US Hwy. 19, .8
of a M/S of SR 52
(11138 US Hwy. 19)
Facing N/S
TB-70 E/S of US Hwy 19, 1.3
M/S of SR 52 (10704
US Hwy. 19) Facing N/S
TB-71 W/S of I-75, 1.2 M/S
of SR 50 Facing N/S
(4400 Lockhart Rd.)
TB-72 W/S of I-75, 1.8 M/S
of SR 50 Facing N/S
(4400 Lockhart Rd.)
TB-73 W/S of I-75, 2 M/S
of SR 50 Facing N/S
(4400 Lockhart Rd.)
TB-74 W/S of I-75, 2.3 M/S
of SR 50 Facing N/S
(4400 Lockhart Rd.)
TB-75 W/S of I-75, .7 of a
M/S of SR 50 Facing N/S
(5360 Lockhart Rd.)
TB-76 E/S of I-75, 2.3 M/S
of SR 50 Facing N/S
(30107 Power Line Rd.)
TB-77 E/S of I-75, 2.7 M/S
of SR 50 Facing N/S
(30107 Power Line Rd.)
TB-78 S/S of County Line
Rd., .5 M/W of Mariner
Blvd., Facing E/W
(15718 County Line Rd.)
TB-79 W/S of I-75, 2.5 M/S of
SR 50, Facing N/S
(4400 Lockhart Rd.)
T-80 N/S of E. Hillsborough
Ave. (4130), .2 M/E of
40th St., Facing E/W
T-81 N/S of E. Hillsborough
Ave. (1042), .2 M/E of
Nebraska, Facing E/W
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SCHEDULE 3(F) - FINANCIAL INFORMATION
See Attached.
PAXSON OUTDOOR, INC.
PROFIT AND LOSS SUMMARY
BY LOCATION
TAMPA
==========================
[Enlarge/Download Table]
JAN FEB MAR APR MAY JUN JUL AUG SEP
------------------------------------------------------------------------------
INCOME
Billboard Rentals 50,276 56,160 56,795 56,263 62,003 63,553 64,485 69,858 68,736
------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL 50,276 56,160 56,795 56,263 62,003 63,553 64,485 69,858 68,736
DIRECT EXPENSES
Agency Commissions 511 511 511 511 511 511 511 511 511
Local Commissions -- 770 498 758 1,215 762 1,032 1,097 5,537
Ground Rent 16,462 16,462 16,462 16,462 16,462 16,462 16,462 16,462 18,872
Billboard Painting 2,564 2,414 2,783 3,938 1,860 3,495 2,842 6,569 12,655
Bad Debt 503 842 852 900 620 636 645 698 687
------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL 20,040 20,999 21,106 22,569 20,668 21,866 21,492 25,337 38,262
SALES DEPARTMENT
Salaries 4,687 6,333 6,333 6,333 4,667 6,000 6,500 6,500 6,500
Outside Services -- 618 284 -- -- -- -- -- --
Repairs & Maintenance 151 -- -- 113 124 -- -- -- --
Travel Expense 151 168 227 281 372 381 -- -- --
Travel Exp-Meal -- 112 -- 56 -- -- -- -- --
Entertainment Exp. -- 112 114 56 62 127 -- -- --
Vehicle Fuel Exp. 191 432 603 422 433 490 267 424 267
Supplies 151 56 114 56 62 64 -- -- 54
------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL 5,310 7,831 7,675 7,317 5,720 7,062 6,767 6,924 6,821
ENGINEERING
Billboard - Electric 886 592 2,159 1,274 984 1,155 2,894 2,704 1,940
Billboard - R & M 3,419 168 1,533 1,182 1,302 2,097 967 1,048 2,524
R & M 1,056 281 227 169 186 191 -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL 5,361 1,041 3,919 2,625 2,472 3,442 3,861 3,752 4,464
Page 1
SCHEDULE 3(Y) - EASEMENTS
1. Easement dated June 2, 1995 by and between Bradley Plaza Associates,
One, a Florida general partnership, as Grantor, and Paxson Outdoor,
Inc., a Florida corporation, as Grantee, as recorded in Official
Records Book 9026, Page 1137, of the public records of Pinellas County,
Florida.
2. Easement dated November 24, 1987, by and between Kenneth J. and Janet
Modzelewski, as Grantors, and D&M Outdoor, Partnership, No. I, as
Grantee, as recorded in Official Records Book 1678, Page 1427, of the
public records of Pinellas County, Florida.
DISCLOSURE SCHEDULE
(d) Seller is solely responsible for the payment of any fees or
brokerage commission due CEA and will hold Buyer harmless
from any such obligation.
(e)&(n) Location T-19's landlord is unknown and attempts to locate the
underlying fee owner have been unsuccessful. To the extent Buyer
is required to or reasonably decides to pay any back rent for
periods prior to the Effective Date to the owner/lessor of this
Location in order to retain the Location, the Seller shall
promptly reimburse Buyer for such back rent upon demand by Buyer.
(g)&(n) Courtesy Leasing, Inc. still has UCC-1 financing statements on file
against Paxson Outdoor, Inc. even though their security interest no
longer exists. These UCC-1 Financing Statements will be terminated
of record at or before the Closing.
(j) Buyer has filed suit against Seller [Universal Outdoor, Inc. v.
Paxson Communications Corporation, Case No. CI 96-8914] and
this lawsuit will be settled and dismissed upon the Closing.
EXHIBIT 10.187
October 28, 1997
EYEMARK ENTERTAINMENT, a business unit of CBS Inc. ("EYEMARK,") 10877 Wilshire
Boulevard, 9th Floor, Los Angeles, California 90024 and PAXSON COMMUNICATIONS
CORPORATION, 601 Clearwater Park Road, West Palm Beach, Florida 33406
("Licensee") agree as follows respecting a license of exhibition rights in the
television series entitled "PROMISED LAND" (the "Series").
1. LICENSED RIGHTS. Subject to Licensee's fulfillment of all of its
obligations hereunder (including without limitations its payment obligations
under paragraph 6 below), EYEMARK hereby grants to Licensee the right to make up
to ten (10) PAX NET Telecasts (as hereinafter defined) of each program of the
Series Library (as hereinafter defined) during the License Term (as hereinafter
defined) in the Telecast Territory (as hereinafter defined) in accordance with
the terms and conditions of this agreement.
2 PAXNET TELECAST. NET "PACX Telecast" means a simultaneous telecast,
transmission and/or exhibition by the television network now known as the PAX
NET network (i e., the network owned and/or controlled by Licensee) distributed
by any or all of the following methods or outlets to homes: over-the-air free
broadcast television stations, multichannel, multipoint distribution systems
("MMDS"), local/regional cable channels (and no national channel), encrypted
direct-to home satellite, Password Protected "Web-TV," and Password Protected
Internet Television, as defined hereinbelow. EYEMARK agrees that, in lieu of
distribution on the Internet by means of Password Protected Internet Television,
Licensee may submit to EYEMARK an alternative proposal for an effective
mechanism to preclude Internet users outside the Telecast Territory from
accessing the telecast or exhibition, which proposal shall be subject to
EYEMARK's prior written approval, not to be unreasonably withheld. The
television devices, methods and improvements referred to herein include so
called "booster" or "translator" stations and relay systems, as well as
satellite or antenna systems which receive or retransmit or redistribute
television signals by wire or cable correction or home satellite devices to
television receiving sets. The term "Internet" means a global network of
interconnected computer networks, each using the Transmission Control
Protocol/Internet Protocol and/or such other standard network interconnection
protocols as may be adopted from time to time, which is used to transmit content
that is directly or indirectly delivered to a computer or other digital
electronic device for display to an end-user, whether such content is delivered
through on-line browsers, off-line browsers, or through "push" technology,
electronic mail, broadband distribution, satellite, wireless or otherwise. The
term "Password Protected" means access which is limited to users that lawfully
obtain and input a sensitive password which can neither be obtained nor used
outside of the Telecast Territory.
3. LICENSE TERM. The "License Term" shall be for an initial four (4)
year period commencing August 28, 2000 and continuing through and including
August 27, 2004. If CBS
-1-
(or any successor network licensee of new Series episodes) elects to order
additional original new episodes of the Series for any broadcast season(s)
subsequent to the 1997/1998 broadcast season, then provided that the network
broadcast of new Series episodes is in prime time the License Term shall
automatically be extended by eight (8) months for each such broadcast season(s)
for which new episodes are produced; provided, however, that with respect to
extension of the Series Term for original new Series episodes produced for the
2002/2003 broadcast season only, the Series Term shall be further extended by an
additional one (l) year period (i.e., a total extension of twenty (20) months).
If CBS does not elect to order production of new Series episodes (and provided
there is no successor network licensee of new Series episodes) for the 1998/1999
and/or the 1999/2000 broadcast seasons, then the four (4) year License Term may
instead commence, at Licensee's option, August 28 of the broadcast season
immediately subsequent to the last network broadcast season of the Series (e.g.,
September 1, 1998, if the Series is not picked up for the 1998/1999 broadcast
season).
4. SERIES LIBRARY. At the commencement of the License Term, the "Series
Library" shall include all Series episodes produced for initial broadcast over
the CBS Television Network ("CBS Broadcast") in the 1996/1997, 1997/1998
broadcast seasons, respectively, and the 1998/1999 and 1999/2000 broadcast
seasons if the Series is ordered for network broadcast by CBS (or any successor
network licensee) for such applicable broadcast season. EYEMARK represents and
warrants that (subject to the occurrence of any Force Majeure Event, as defined
the Terms and Conditions attached hereto) upon commencement of the License Term,
the Series Library shall include no fewer than forty-four (44), one-hour Series
episodes. In addition, the Series Library shall include all episodes produced
for initial CBS Broadcast (or for initial broadcast by any successor network
licensee) in any subsequent broadcast seasons, effective upon their respective
"Date of Availability". For each such subsequent broadcast season of new Series
episodes, if any, the Date of Availability shall be the last Monday in the month
of August following such applicable broadcast season. Nothing contained herein
shall obligate CBS to produce any additional new Series episodes, or to
broadcast or license the broadcast of the Series over the CBS (or any other)
Television Network.
5. TELECAST TERRITORY. The "Telecast Territory" shall include the
United States, its territories and possessions and Puerto Rico (English language
only)
6 PAYMENT. For each episode of the Series Library, Licensee agrees to
pay EYEMARK the following license fees:
(a) For each Series Library episode produced for initial network
broadcast for each of the 1996/1997 through and including the 1999/2000
broadcast seasons, Licensee agrees to pay EYEMARK the per episode sum of Four
Hundred Thousand Dollars ($400,000) per one-hour of programming (i.g. the
licensee fee for a two-hour episode shall be $800,000);
(b) For each Series Library episode produced for initial network
broadcast in
-2-
any season subsequent to the 1999/2000 broadcast (i.e., commencing with the
2000/2001 broadcast season), the license fee shall be increased by five percent
(5%) on annual cumulative basis.
Each episodic fee shall constitute payment in full for up to ten (10)
PAX NET Telecasts of each such Series Library episode. Twenty percent (20%) of
the aggregate episodic license fees for all available Series Library episodes
shall be paid on or before December 31, 1997, with the balance of such fees to
be payable in forty-eight (48) equal consecutive monthly installments thereafter
commencing September 1, 2000 (provided that if the License Term commences
earlier, the payments shall commence September 1 of such applicable year). For
each additional broadcast season to become available as part of the Series
Library. Licensee shall pay the aggregate fees for such additional episodes in
forty-eight (48) equal monthly payments payable over forty-eight (48)
consecutive months commencing September 1 of the broadcast season of the Date of
Availability of such episodes; provided, however, that if the remaining period
of the License Term is less than forty-eight (48) consecutive months from the
applicable Date of Availability, the outstanding balance shall immediately
become payable in equal consecutive monthly installments over the balance of the
License Term.
7. SCHEDULING OF TELECAST: Licensee shall have the right to schedule
its PAX NET Telecasts during primetime or non-primetime viewing hours or any
combination hereof, at its election; provided, however, that no such telecast
shall occur during the regularly scheduled time period of any CBS Broadcast (or
broadcast by any successor network licensee of new Series episodes, if
applicable) of the Series, as it may change from time to time. In connection
therewith, EYEMARK acknowledges and agrees that such CBS Broadcast protection
shall only extend to prohibit Licensee from exhibition of the Series Library in
up to two (2) different time periods in two (2) time zones. (For example, if the
CBS Broadcast occurs at 8:00 PM Pacific and East Standard Time and 7:00 PM
Central Time, then each such time period will be protected in the relevant time
zone. However, if the CBS Broadcast occurs in more than two (2) time periods in
different time zones (e.g. 6:00 PM Pacific, 7:00 PM Central and 8:00 PM Eastern)
then CBS (or any successor network Licensee) shall only have the right to
protect against concurrent broadcast in two (2) of such three (3) times zones
(as selected by CBS)). Licensee shall have the right to take a double run of an
episode (i.e. to treat two (2) PAX NET Telecasts of a Series Library Episode
during any twenty-four (24) hour period as one (1) PAX NET Telecast); provided,
however, that in the event any such double run triggers the payment of
additional residuals (i,e. each of the runs of the double runs requires payment
of residuals), Licensee agrees to pay such additional residuals.
8. TELECAST EXCLUSIVITY. During the License Term, the Series Library
shall be exclusive to Licensee in the Telecast Territory in television
(including free pay, subscription or other form(s) of television exploitation),
subject to CBS's right to continue to produce and broadcast the Series or to
license the broadcast of new Series episodes (along with repeats) to any other
television network, should CBS elect not to broadcast the Series in subsequent
seasons. It
-3-
is expressly understood and agreed that between EYEMARK and Licensee, EYEMARK
retains all other rights with respect to the Series and the Series Library,
including, without limitation, all copyright (including all rights to receive
cable and satellite copyright royalties) and all rights of exploitation outside
the Telecast Territory and, within the Telecast Territory, in-flight, home
video, theatrical and non theatrical rights, all foreign language versions and
dubbing rights, and all ancillary and subsidiary rights in the Series and Series
Library, including, without limitation, music, phonographic recording rights,
publishing and merchandising rights (subject to the grant of rights in Paragraph
11 herein-below). With respect to such reserved rights, EYEMARK retains the
right freely to exploit such rights during the License Term. Licensee
acknowledges and agrees that any spillover within the Telecast Territory from
telecasts originating outside the Telecast Territory shall not be deemed to be a
breach of this agreement by EYEMARK.
9. PUBLICITY AND ADVERTISING. Licensee shall have the right to
publicize and advertise all authorized exploitation hereunder of the episodes
throughout the Telecast Territory during the License Term. In connection
therewith, Licensee shall have the right to: (I) publish and to license and
authorize others to publish synopses and summaries of and excerpts (not to
exceed one hundred (100) words in length) from the episodes in newspapers,
magazines, trade periodicals and in all other media of advertising and
publicity; (ii) broadcast by radio and television and to license and authorize
others to so broadcast, prior to telecast of a Series episode, clips from that
episode (not to exceed two (2) minutes in length); and (iii) in connection with
such clips, to use the name, likeness and voice of any actor rendering services
in connection with all episodes (i.e. series regulars); provided however that
all of the foregoing contained in Paragraph 9 shall be subject to any
limitations furnished by EYEMARK (including contractual restrictions) and
provided further that any such use shall not constitute an express or implied
endorsement of any product or service. In any print advertisement Licensee shall
include the logo and trademark/tradename for EYEMARK and/or CBS Productions, as
designated by EYEMARK.
10. PROMOTIONAL MATERIAL EYEMARK agrees to provide to Licensee, for use
only during the License Term in The Telecast Territory and only in connection
with promotion of a PAX NET Telecast of the Series, all promotional material
made available to EYEMARK by the CBS Television Network, including, without
limitation, all on-air promotional spots and all original artwork and/or
graphics used in connection with the preparation of any print media or on-air
campaigns or promotions for the Series. EYEMARK acknowledges and agrees that
Licensee shall have the right to edit, reformat, and/or use all or any portion
of any such furnished materials. Notwithstanding the foregoing, Licensee
acknowledges and agrees that it will not be furnished with any promotional
materials in which the CBS Television Network does not have sufficient rights or
clearances for Licensee's use. Licensee further acknowledges that it will not be
furnished with any Series promotional material which is part of any CBS
institutional advertising promotion or campaign (e.g., any "Welcome Home"
spots), and that it will not be furnished with any such materials that currently
are in use in
-4-
connection with promotion of broadcast of the Series. In addition, Licensee
agrees to finish any credits required under any applicable guild agreements and
further agrees that it will abide by any contractual obligations of CBS in
connection with the furnishing of any such credits; provided, that EYEMARK has
timely advised Licensee of any such contractual restrictions and/or requirements
in writing.
11. SERIES LICENSED MERCHANDISE. EYEMARK agrees prospectively (i.e.,
with respect to all future agreements) to cause its Series merchandise licensees
and/or merchandising agents to make available to Licensee any Series merchandise
at wholesale pricing with quantity discounts based on bulk purchases. With
respect to any Series licensing and/or agency agreements entered into prior to
the date of this agreement, EYEMARK shall be obligated to use best efforts to
secure for Licensee such merchandise at quantity discounts. EYEMARK further
agrees that Licensee may resell such Series merchandise, subject to written
approval in each instance by EYEMARK (to be exercised in its sole discretion)
with respect to each and all of the following: (a) the method and manner of
resale distribution (including approval of all distribution methods and
outlets), (b) the pricing; (c) all advertising, marketing and publicity in
connection with such resale and (d) the use of any of the trademarks and logos
in connection with the Series. EYEMARK will consider in good faith all proposals
by Licensee for additional license agreements to be entered into between EYEMARK
and manufacturers of Series merchandise; provided that, as between EYEMARK and
Licensee, EYEMARK shall have the sole right of control and approval, to be
exercised in EYEMARK'S sole discretion, over all such agreements and all the
terms and conditions thereof. In connection with the grant of rights hereunder,
Licensee acknowledges that EYEMARK is subject to a pre-existing exclusive agency
representation agreement in connection with licensing of Series merchandise and
that all rights granted hereunder shall be subject to any limitations imposed
thereunder.
12. RESIDUALS. EYEMARK shall have responsibility for payment of
residuals in connection with Licensee's authorized PAX NET Telecasts hereunder.
In connection therewith, the parties acknowledge and agree that the license fees
payable under paragraph 6 above are predicated on payment by EYEMARK of
residuals at the domestic syndication rerun rate under all applicable guild
agreements. In the event that any PAX NET Telecasts trigger payment of residuals
at a higher rate (e.g., a "network" rerun rate), the parties agree that the
license fees shall be increased by the amount of any excess residuals (i.e., by
the amount of the difference between the applicable domestic syndication rate
and the actual rate charged for the run, times the number of telecasts for which
such rate is charged). In the event that Licensee negotiates for and causes a
reduction in the residual rate to be charged for the PAX NET Telecasts hereunder
below the then-current domestic syndication rate, CBS agrees to reduce the
license fees by the amount of any such savings. Upon request by EYEMARK,
Licensee agrees to execute a standard guild Assumption Agreement for payment of
any "excess residuals" in the event any guild makes a determination that any
rate higher than the domestic syndication rerun rate will apply to any PAX NET
Telecast under this Agreement.
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13. ADDITIONAL PROVISIONS. This agreement includes additional terms
and conditions attached hereto as "Terms and Conditions" and incorporated
herein by this reference
14. NOTICES. Notices must be in writing, certified mail, telegraphed,
hand-delivered, or sent by facsimile to the party concerned, effective on the
date so sent, at the address specified in the opening paragraph of this
agreement, or at such other addresses as may be subsequently designated in
writing by such party. When sent by certified mail, notice must also be
accompanied by send a facsimile copy thereof. When sent to EYEMARK, notices
shall be to the attention of the Senior Vice President, Business Affairs, with a
courtesy copy to the attention of the CBS Law Department at 7800 Beverly
Boulevard, Los Angeles, California 90036. When sent to Licensee, notices shall
be to the attention of President, Paxson Television Network, with a courtesy
copy to the attention of the General Counsel, Paxson Television Network
15. CONFIDENTIALITY. Neither party shall at any time in any manner
or form publicize or advertise the existence of, or the financial terms of, this
agreement, except as mutually agreed by the parties or otherwise required under
law. The parties shall mutually approve the content and timing of press releases
relating to this agreement; provided, however, that the parties agree that a
mutually approved press statement will be released not later than November 18,
1997 (provided this agreement has been fully executed by such date).
IN WITNESS WHEREOF the parties have executed this agreement as of the
date first written above.
EYEMARK ENTERTAINMENT
A Business Unit of CBS Inc.
By /s/
-----------------------------
Its President
-----------------------------
ACCEPTED AND AGREED:
PAXSON COMMUNICATIONS CORPORATION
By /s/
------------------------------
Its Chairman
------------------------------
DB
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SCHEDULE IV
TO BORROWER'S SECURITY AGREEMENT
VEHICLES
Not Applicable.
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SCHEDULE V
TO BORROWER'S SECURITY AGREEMENT
FILINGS AND OTHER ACTIONS
REQUIRED TO PERFECT SECURITY INTERESTS
Uniform Commercial Code Filings
a. File in the following:
Georgia - Secretary of State and DeKalb County
b. Precautionary Statement - Should file in the following:
Virginia - Secretary of State and City of Norfolk
Florida - Secretary of State
Patent and Trademark Filings
See Attached.
Other Actions
Dates Referenced Herein and Documents Incorporated by Reference
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